Tengizchevroil

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 Kazakhstan government granted an exclusive 40-year right 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 Kazakhstan state oil company KazakhOil, now KazMunayGas, and the USA company Chevron) Tengizchevroil expanded in 1996-1997 into a four-company consortium: ExxonMobil Kazakhstan Ventures, an ExxonMobil subsidiary, and LukArco, a joint venture between Lukoil of Russia and Atlantic Richfield (Arco) of the USA, acquired 25% and 5% respectively. Since 2000 British BP had a part in it as well, since BP merged with Arco and took its 46% share in LukArco. In December 2009, BP sold its stake to Lukoil and thereafter Lukoil became a sole shareholder of LukArco.[1]

In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.[2]

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

External links


This article is issued from Wikipedia - version of the Tuesday, January 05, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.