ASTANA, Kazakhstan, May 2. Tengizchevroil (TCO, a joint venture between Kazakhstan and Chevron) made direct financial payments to Kazakhstan of $3 billion in the first quarter of 2024, Trend reports.
According to the company's report, during the same period, TCO spent approximately $790 million on the development of Kazakhstani Content (KC), including over $440 million under the Future Growth Project - Wellhead Pressure Management Project (FGP-WPMP).
At the same time, the company noted that since 1993, TCO has made direct financial payments to Kazakhstan of more than $193 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.
Tengizchevroil, a joint venture between Kazakhstan and Chevron, manages the Tengiz field in the meantime. In 1979, scientists discovered Tengiz, the world's deepest-producing super-giant oil field. Kazakhstan and Chevron formed the Tengizchevroil (TCO) partnership on April 6, 1993.
The estimated amount of 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. Estimates place the total recoverable crude oil in the Tengiz and Korolev fields at 1.4 billion metric tons (11.5 billion barrels).
