BAKU, Azerbaijan, Feb.18
By Nargiz Sadikhova - Trend:
Kazakhstan’s Tengizchevroil (TCO) oil and gas company has extracted 29.79 million tons of crude oil at its fields setting a new extraction volume record, Trend reports with reference to TCO.
The company’s report said that TCO spent $4.6 billion on the purchase of Kazakh goods and services in 2019, which is 31 percent more compared to 2018, which also is a record high in Kazakh content spent since 1993.
The Future Growth Project – Wellhead Pressure Management Project (FGP-WPMP) accounted for most of the purchases. FGP-WPMP sourced $3.25 billion worth of goods and services from Kazakh manufacturers making it a total of $8.4 billion since the project’s start.
“TCO’s crude oil production reached a new annual record of 29.79 million tons, demonstrating a 4 percent increase compared to 2018. TCO also sold over 1.3 million metric tons of liquid petroleum gas (LPG), and 7.9 billion cubic meters of sales gas,” the report said.
Direct payments to Kazakhstan exceeded $10.6 billion last year. From 1993 through 2019, TCO made direct financial payments of over $146 billion.
TCO operates at the super giant Tengiz field, a smaller but sizable Korolev field and several exploratory prospects.
Kazakhstan’s Tengiz oil field ranks as the world’s deepest producing giant oil field and the largest single-trap producing reservoir in existence. Nearby is another world-class reservoir called the Korolev Field. Chevron company holds a 50-percent interest in Tengizchevroil, which operates the two fields.
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