Tengizchevroil

In this article we will explore in depth the topic of Tengizchevroil, a topic of great relevance today that affects different sectors of society. We will investigate its origin, history and evolution over time, as well as its impact on people's daily lives. In addition, we will analyze different perspectives and opinions on Tengizchevroil, with the aim of providing a broad and complete overview of this topic. Through this research, we aim to offer our readers a deeper understanding of Tengizchevroil, so that they can form an informed opinion and contribute to the debate around this matter.

Tengizchevroil LLP
FoundedApril 1993 (1993-04)
Owners

Tengizchevroil is a joint venture between Chevron (50% share in the consortium), ExxonMobil (25% share), KazMunayGas (20% share) and LukArco (5% share). The joint venture was formed in April 1993, when the government of Kazakhstan granted exclusive 40-year rights to Tengizchevroil LLP (TCO) to develop the Tengiz and Korolevskoye oil fields located in the north-eastern reaches of the Caspian Sea in Kazakhstan.

History and operations

From a two-company joint venture in 1993 (between the Kazakhstani state oil company KazakhOil, now KazMunayGas, and the American oil giant Chevron) Tengizchevroil expanded in 1996–1997 into a four-company consortium: ExxonMobil Kazakhstan Ventures, an ExxonMobil subsidiary, and LukArco, a joint venture between Lukoil and Atlantic Richfield (ARCO), acquired 25% and 5% respectively. In 2000, BP became involved in the business, as BP had merged with Arco and took a 46% share in LukArco. In December 2009, BP sold its stake to Lukoil and thereafter Lukoil became the sole shareholder of LukArco.

In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.

In mid-2019, BP expressed interest in returning to Kazakhstan. The company signed a memorandum of understanding with KazMunayGas. In 2020, the companies signed an agreement establishing a partnership to explore for hydrocarbons in Kazakhstan. In 2019, its production volume reached 30 million tons. The company employs 4,000 people, about 95% of which are residents of Kazakhstan.

References

  1. ^ Lukoil buys BP stake for $1.6 bln cash
  2. ^ Chevron-led Kazakh oil firm hits record output in 2013, International: Reuters, 2014
  3. ^ "BP Set to Return to Kazakhstan After 11 Years". Caspian News.
  4. ^ "Тенгизшевройл". www.oilcareer.ru. Retrieved 2023-08-01.

External links