Under the future expansion project of Tengizchevroil (TCO), crude oil production has begun at the “Tengiz” field. According to the press service of TCO, in the coming months, crude oil production is expected to increase by 12 million tons per year. “Once all production facilities reach full capacity, it is anticipated that the total crude oil production will reach around 40 million tons per year,” TCO notes.
The company explained that this will provide additional profit for Kazakhstan through taxes, royalties, and other direct financial payments.
As part of this project, approximately $19.5 billion has been invested in the purchase of local goods and services, and over 1,250 contracts have been signed with Kazakh companies, added TCO Deputy General Director Konilkosh Suezinov.
TCO was established in April 1993 by the Government of the Republic of Kazakhstan and the Chevron Corporation. The current shareholders of TCO are: Chevron – 50%, KazMunayGas – 20%, ExxonMobil – 25%, and Lukoil – 5%.
