Tengizchevroil boosts oil output

Over the first six months of 2023, Tengizchevroil increased oil output by 4.2%, from 14.3 million tons of oil to 14.9 million tons, according to the company’s records.

This result is just slightly lower than the record-high output Tengizchevroil reported in 2019 (15 million tons). Currently, the oil company runs two large oil fields, Tengiz Field and Korolev Field, with combined explored reserves of 3.3. billion tons of oil (the total recoverable reserves are 1.4 billion tons).

The company managed to boost its oil output despite temporary problems with oil production at Tengiz in February of this year. At that time, Tengizchevroil was forced to conduct unscheduled repair of one of its six technological production lines.

The company also reported that it sold 634,000 tons of liquefied petroleum gas (LPG) over the first half of 2023, compared to 568,000 tons sold in the same period of 2022. However, in terms of sales of natural gas, the oil company admitted a decline from 0.8 billion cubic meters of gas last year to 469 million cubic meters of gas this year.

Over the first six months of 2023, payments by Tengizchevroil to the government of Kazakhstan amounted to $7.6 billion ($7.5 billion in 2022). This figure includes taxes, royalties, dividends to a Kazakhstani partner, payments for goods and services provided by Kazakhstani contractors and suppliers and salaries to employees.

Tengizchevroil was established in 1993 on a parity basis by the government of Kazakhstan and the Chevron Corporation. However, Kazakhstan later sold part of its share to other foreign investors. Currently, Chevron controls 50% of the joint venture shares, ExxonMobil 25%, KazMunayGas 20% and Lukoil 5%.

​