ASTANA, Kazakhstan, February 23. Tengizchevroil LLP (TCO, a joint venture between Kazakhstan and Chevron) has made direct financial payments to Kazakhstan in the amount of $13.9 billion in 2023, Trend reports.
According to the company's report, for the second year in a row, the Ministry of Finance of Kazakhstan recognized the TCO as the leading taxpayer in the country.
During the same period, TCO reached 70 percent of Kazakhstani Content (KC) spend performance, and Kazakhstani citizens held close to 95 percent of positions in TCO’s base business, compared to 50 percent in 1993.
"According to the results of an independent study, over the past decade, TCO's production activities annually provided approximately 11 percent of the country's GDP. TCO continues to play a leading role in promoting economic progress and energy security in Kazakhstan," said CEO Kevin Lyon of TCO.
At the same time, the company noted that since 1993, TCO has made direct financial payments to Kazakhstan of more than $190 billion, including taxes and royalties paid to the government, tariffs and fees paid to state-owned companies, profit distributions to Kazakhstani shareholders, purchases of Kazakhstani goods and services, and local employees’ salaries.
Meanwhile, the Tengiz field is managed by Tengizchevroil, a joint venture between Kazakhstan and Chevron. Tengiz, the world’s deepest-producing super-giant oil field, was discovered in 1979. The Tengizchevroil (TCO) partnership was formed on April 6, 1993, between Kazakhstan and Chevron.
Estimated oil in place in the Tengiz field is 3.1 billion metric tons (25 billion barrels) and 200 million metric tons (1.6 billion barrels) in the Korolev field, where Tengizchevroil also produces. Total recoverable crude oil in the Tengiz and Korolev fields is estimated to be 1.4 billion metric tons (11.5 billion barrels).
