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.
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.[1]
In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.[2]
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.[3] In 2019, its production volume reached 30 million tons. The company employs 4,000 people, about 95% of which are residents of Kazakhstan.[4]
tengizchevroil, joint, venture, between, chevron, share, consortium, exxonmobil, share, kazmunaygas, share, lukarco, share, joint, venture, formed, april, 1993, when, government, kazakhstan, granted, exclusive, year, rights, develop, tengiz, korolevskoye, fiel. 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 Tengizchevroil LLPFoundedApril 1993 31 years ago 1993 04 OwnersChevron 50 ExxonMobil 25 KazMunayGas 20 LukArco 5 History and operations editFrom 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 1 In January 2014 the firm reported a record rise in output to 27 1 million tonnes from 24 2 million tonnes 2 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 3 In 2019 its production volume reached 30 million tons The company employs 4 000 people about 95 of which are residents of Kazakhstan 4 References edit Lukoil buys BP stake for 1 6 bln cash Chevron led Kazakh oil firm hits record output in 2013 International Reuters 2014 BP Set to Return to Kazakhstan After 11 Years Caspian News Tengizshevrojl www oilcareer ru Retrieved 2023 08 01 External links edit nbsp Energy portal Official website in English Tengiz expansion Chevron Corporation When there s a challenge we face it head on Interview by Alexander Cornelius CEO of TengizChevroil by United World 27 April 2006 nbsp This Kazakhstan related article is a stub You can help Wikipedia by expanding it vte nbsp This article about a natural gas or petroleum related company is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Tengizchevroil amp oldid 1168208668, wikipedia, wiki, book, books, library,
