TengizChevrOil reports on oil production

Dec 29, 2004 01:00 AM

Kazakh oil production joint venture TengizChevrOil produced 13.5 mm tons of oil in 2004, according to early figures, which is 6.3 % more than in 2003 (12.7 mm tons), a source in the company told.
"The results this year is the best productivity results since the joint venture started operating," the source said.

He said that the oil company increases production every year. The only exception was last year, when production fell compared with 2002 due to large-scale repair work.
In 2002 the company produced 13.1 mm tons, in 2001 -- 12.5 mm tons, in 2000 -- 10.4 mm tons, in 1999 -- about 9.5 mm tons, in 1998 -- 8.3 mm tons and in 1997 -- 6.9 mm tons.

TengizChevrOil is the largest oil production company in Kazakhstan, accounting for almost a quarter of oil produced in the country. The company is developing the Tengiz and Korolyovskoye fields in Atyrau region, with potential recoverable reserves estimated by the company in 750 mm-1.125 bn tons. The company started production at Tengiz in 1994.
TengizChevrOil shareholders are currently ChevronTexaco Overseas (50 %), ExxonMobil Kazakhstan (25 %), the Kazakh government (through KazMunaiGaz -- 20 %), and the Russian-US joint venture LUKArco (5 %).

Source: Interfax Information Services
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