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Kazakh Tengizchevroil company interested in diversification of oil export routes

December 25 2014, 12:11

Kazakhstan's Tengizchevroil (TCO) company is interested in the diversification of oil export routes, the company's Deputy General Manager for Government Affairs and Public Relations David McInnis told trend on Dec.23.

"TCO's ongoing crude oil marketing strategy is focused on maintaining diversified transportation options so as to provide for safe, reliable and cost-effective market access that meets its customer's needs," he said.
He didn't specify the promising routes and refused to comment on commercial matters citing the confidentiality of information.
TCO always looks to maximize its return on product sales so as to benefit its owners, including the Republic of Kazakhstan, according to McInnis.
TCO operates in the license area in Kazakhstan which covers the super-giant Tengiz field and Korolev field, as well as several promising areas for exploration, Kazinform refers to trend.az.
The recoverable reserve of Tengiz and Korolev fields is estimated at 750 million - 1.1 billion metric tons of oil. The total proven reserve in drilled and undrilled areas of Tengiz field collector is forecasted to hit 3.1 billion metric tons, or 26 billion barrels. The oil reserve of Korolev field is estimated at 188 million metric tons, or 1.5 billion barrels, which accounts for one-sixth of Tengiz field's reserve.
TCO exports oil via various routes. The major part of oil is delivered by the company to Novorossiysk via the pipeline of the Caspian Pipeline Consortium and to Odessa, Taman, Aktau and further to Batumi and Kulevi via a railway and then to Europe through the Black Sea.
Additionally, the transportation of Tengiz oil via Baku-Tbilisi-Ceyhan pipeline was resumed in 2013.
The volume of oil produced by TCO totaled 27.1 million metric tons (216 million barrels) in 2013. This is the record volume of production in the company's history. The company's oil production volume equaled 19.8 million metric tons (158 million barrels) in Jan.-Sept. 2014.
The shareholders of TCO are KazMunaiGas national oil and gas company of Kazakhstan (20%), Chevron Overseas (50%), ExxonMobil (25%) and LukArko (5%).

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