Tengizchevroil continues production at Tengiz field, monitoring situation at CPC

MOSCOW. Feb 22 (Interfax) - Chevron-controlled Tengizchevroil has continued production at the Tengiz field, from which the Caspian Pipeline Consortium (CPC) halted the intake of oil into the system on Wednesday because of excess stock.

"Tengizchevroil is aware of the weather conditions in Novorossiysk and the decision by the CPC to suspend transshipments of crude oil. As of today, production at TCO continues uninterruptedly, and we are monitoring the situation," a Chevron representative told Interfax.

The Tengiz oil and gas field is one of the largest in Kazakhstan, with oil reserves totaling 3.2 billion tonnes, and it is located in the country's western Atyrau region. The CPC in 2022 transshipped 29 million tonnes of oil from the field out of overall transshipments totaling 58.7 million tonnes.

As reported, the CPC halted oil transshipments at its marine terminal on February 19 owing to adverse weather conditions. The tank farm at the CPC marine terminal was practically full with around 1 million tonnes of oil as on February 21. The consortium allowed for the possibility of the forced stoppage of transshipping crude through the Tengiz-Novorossiysk pipeline owing to excess stock. The CPC suspended intake of oil from the Tengiz field on February 22.