Tengizchevroil (TCO), 50% of which is owned by U.S.-based company Chevron, produced 19.46 million tons of oil from the Tengiz field in the first six months of 2025. In the same period in 2024, the company reported production of 14.4 million tons, or 114.6 million barrels, marking a 35.1% year-on-year (YoY) increase.
«Once all Tengiz facilities are operating at full capacity, TCO’s total annual crude oil production is expected to reach approximately 40 million tons per annum,» the company said in a statement.
In the first half of 2025, TCO sold more than 623,000 tons of liquefied petroleum gas (669,000 tons in the same period of 2024), about 1.2 million tons of sulfur (over 1.4 million tons in 2024), and more than 2.9 billion cubic meters of sales gas, almost all of which is delivered to the domestic market. Direct payments to Kazakhstan over the two quarters of 2025 totaled around $5 billion ($6.2 billion in 2024).
In May, KazMunayGas revised its 2025 oil production forecast for the Tengiz field upward to 35.7 million tons, from 34.8 million tons.
The recoverable oil reserves in the Tengiz and Korolev fields are assessed at 1.4 billion tons (11.5 billion barrels), with estimated oil in place of 3.1 billion tons (25 billion barrels) for Tengiz and 200 million tons (1.6 billion barrels) for Korolev.
Chevron holds a 50% stake in TCO, with ExxonMobil controlling 25%, KazMunayGas 20% and Russia’s Lukoil 5%.
