Tengizchevroil "TCO" is an oil company which is leading in development, production and marketing of oil. It was established in April 1993 by the president of Kazakhstan Nursultan Nazarbayev and an American company "Chevron". Nowadays TCO is a partnership between Chevron (50% share in the consortium), ExxonMobil (25% share), KazMunayGas (20% share) and LukArco (5% share). The term of the contract is 40 years. It is the largest oil company in Kazakhstan and one of the largest oil companies in the world.
TCO operates the Tengiz oil field located in the Caspian region of Kazakhstan. This field was discovered in 1979. It is one of the deepest and largest oil fields in the world. It is unique because of the amount of reserves, occurrence and characteristics of the development of horizons. Except Tengiz, TCO also exploits Korolev field. This field was opened in 1984 and is located in 10 km to the north-east from Tengiz's field.
In 1993, TCO produced 940,000 tons of crude oil. 1998 - the amount of oil was 8.4 million tons. In 2001, crude oil production was 12.48 million tons. In 2009, TCO reached record levels, the volume of production was 22.5 million tons. In 2010, TCO exceeded its previous record, reaching production volumes to 25.9 million tons. According to estimates of recoverable oil reserves in the Tengiz field through April 2033 it may range from 750 million to 1.1 billion tons.
Tim Miller, CEO of TCO said: "We are proud of our company, the way in which TCO began today, and we are confident in its future. We are proud to work in this country and that we have a really strong partnership with the state authorities. We are proud that our company plays an important role in the development of Kazakhstan, and...