TCO reduced annual oil production forecast to 26 million tons

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The biggest oil maker in Kazakhstan Tengizchevroil, which has been developing Tengiz field on the Caspian shelf, reduced the forecast oil production for 2014 to 26.2 million tons against planned 27.1 million tons.

            “Tengizchevroil (TCO) has corrected the oil production plan for 2014 from 27.1 to 26.2 million tons,” said Kazakhstan Vice Minister of National  Economy Madina Abylkasymova at the briefing.

            She added that this year the planned repair at the plant lasted 37 days against planned 27 days. As a reult, during 11 months, 2014 oil production by Tengizchevroil was down 2.4% against the same period in 2013.

            Tengizchevroil has been developing Tengiz field in Atyrau district of Kazakhstan on the west of the country. The JV partners include Chevron (50%), Exxon Mobil (25%), Kazakhstan’s national company KazMunaiGas (20%) and Russian LUKARCO company (5%). In 2013 oil production by Tengizcehrvoil totaled 27.1 million tons, up 8% against the same period a year earlier.

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