Tengizchevroil
{{Short description|Kazakh oil field joint venture}}
{{Infobox company
| name = Tengizchevroil LLP
| owners = {{ubl|Chevron (50%)|ExxonMobil (25%)|KazMunayGas (20%)|LukArco (5%)}}
| founded = {{start date and age|1993|04}}
}}
Tengizchevroil is a joint venture between Chevron (50% share in the consortium), ExxonMobil (25% share), KazMunayGas (20% share) and Lukoil (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.[https://web.archive.org/web/20091215102113/http://uk.reuters.com/article/idUKGEE5BA27N20091211 Lukoil buys BP stake for $1.6 bln cash]
In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.{{Citation |title=Chevron-led Kazakh oil firm hits record output in 2013 |url=https://www.reuters.com/article/oil-kazakhstan-tengizchevroil-idUSL5N0L11CD20140127 |year=2014 |publication-place=International |publisher=Reuters}}
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.{{Cite web |title=BP Set to Return to Kazakhstan After 11 Years |url=https://caspiannews.com/news-detail/bp-set-to-return-to-kazakhstan-after-11-years-2020-7-13-23/ |website=Caspian News}} In 2019, its production volume reached 30 million tons. The company employs 4,000 people, about 95% of which are residents of Kazakhstan.{{Cite web |title=Тенгизшевройл |url=http://www.oilcareer.ru/publ/11-1-0-26 |access-date=2023-08-01 |website=www.oilcareer.ru}}
References
{{Reflist}}
External links
{{Portal|Energy}}
- [http://www.tengizchevroil.com/en/home Official website (in English)]
- [https://www.chevron.com/projects/tengiz-expansion Tengiz expansion – Chevron Corporation]
- [https://web.archive.org/web/20061123091229/http://www.unitedworld-usa.com/reports/kazakhstan/tengizchevroil.asp ‘When there’s a challenge, we face it head on’ - Interview by Alexander Cornelius, CEO of TengizChevroil], by United World. 27 April 2006
{{Authority control}}
Category:Oil and gas companies of Kazakhstan
Category:Companies established in 1993
Category:ExxonMobil subsidiaries
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