Tengizchevroil boosts oil output 4.2% in first half year

ASTANA. Aug 2 (Interfax) - Tengizchevroil (TCO), which develops the Tengiz and Korolevskoye oil and gas fields in western Kazakhstan, boosted production 4.2% year-on-year to 14.9 million tonnes of oil, 118.9 million barrels, in January-June 2023, from 14.3 million tonnes, 114.4 million barrels, in January-June 2022, TCO said in a press release.

The company sold over 634,000 tonnes of liquefied gas, an increase of 11.6% year-on-year; 469 million cubic meters of dry gas; and over 1.4 million tonnes of sulfur, up 7.7%.

TCO directly paid the Kazakh government $7.5 billion in the reporting period, an increase of 1.3% year-on-year .

TCO develops the Tengiz and Korolyov oil and gas fields in the Atyrau Region. The joint venture is currently implementing the $45.2 billion future growth project-wellhead pressure management project.

The JV is currently owned by U.S.-based ChevronTexaco Overseas with 50%; ExxonMobil Kazakhstan Ventures Inc. with 25%; Kazakhstan, through the KazMunayGas national company with 20%; and the Russia-U.S. LUKArco JV with 5%. The company has been operating in Kazakhstan since 1993.