Chevron-led Kazakh oil company boosts first-quarter output

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Chevron-led Tengizchevroil (TCO), Kazakhstan’s No.1 oil company, increased crude output by 4.4 pct year-on-year to 7.1 million tonnes (about 56.7 million barrels) in the first quarter of this year, TCO General Director Tim Miller said on Monday.

TCO, which develops the giant Tengiz onshore field in western Kazakhstan, plans to boost annual output by 42 percent to 38 million tonnes by 2021. Last year, TCO produced 26.7 million tonnes of oil.

“Direct payments to the Republic of Kazakhstan in this quarter totalled $3 billion,” Miller said, speaking in the Central Asian nation’s parliament. “Since 1993, TCO’s paid $106.9 billion to the Republic of Kazakhstan.”

Chevron holds 50 percent of TCO, while Exxon Mobil owns 25 percent. Kazakh state oil company KazMunaiGas holds 20 percent and Lukarco, controlled by Russia’s Lukoil , the remaining 5 percent.


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