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Kazakhstan’s Tengizchevroil increases oil production

Trend | February 14, 2018
 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

The Tengizchevroil (TCO) oil company produced 28.7 million tons of crude oil (229 million barrels) in 2017, the Director General of the company Ted Echtison said at a press conference in Almaty, Kazakh media outlets reported.

Etchison stressed that the mentioned figure is a record for the company’s oil production activity.

The company produced 4.1 percent more oil than in 2016 (27.56 million tons of crude oil).

In 2017, TCO sold 1.38 million tons of liquefied gas and 7.45 billion cubic meters of dry gas (in 2016, the company produced 1.35 million tons of liquefied gas and 7.21 billion cubic meters of dry gas).

The company also sold 2.49 million tons of sulfur in 2017 (by 0.17 million more than in 2016).

The Tengizchevroil partnership was formed on April 6, 1993, between Kazakhstan and Chevron. Chevron Corporation became the first foreign company which signed agreement with Kazakh President Nursultan Nazarbayev. For 25 years, production at Tengiz has grown from 4 up to 28 million tonnes per year.

The shareholders of Tengizchevroil are KazMunaiGas national oil and gas company of Kazakhstan (20 percent), Chevron Overseas (50 percent), ExxonMobil (25 percent) and LukArco (5 percent).