Tengizchevroil

{{Short description|Kazakh oil field joint venture}} {{Infobox company | name = Tengizchevroil LLP | owners = {{ubl|Chevron (50%)|ExxonMobil (25%)|KazMunayGas (20%)|LukArco (5%)}} | founded = {{start date and age|1993|04}} }}

'''Tengizchevroil''' is a joint venture between Chevron (50% share in the consortium), ExxonMobil (25% share), KazMunayGas (20% share) and Lukoil (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.

== History and operations ==

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.<ref>[https://web.archive.org/web/20091215102113/http://uk.reuters.com/article/idUKGEE5BA27N20091211 Lukoil buys BP stake for $1.6 bln cash]</ref>

In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.<ref>{{Citation |title=Chevron-led Kazakh oil firm hits record output in 2013 |url=https://www.reuters.com/article/oil-kazakhstan-tengizchevroil-idUSL5N0L11CD20140127 |year=2014 |publication-place=International |publisher=Reuters}}</ref>

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.<ref name="BP">{{Cite web |title=BP Set to Return to Kazakhstan After 11 Years |url=https://caspiannews.com/news-detail/bp-set-to-return-to-kazakhstan-after-11-years-2020-7-13-23/ |website=Caspian News}}</ref> In 2019, its production volume reached 30 million tons. The company employs 4,000 people, about 95% of which are residents of Kazakhstan.<ref>{{Cite web |title=Тенгизшевройл |url=http://www.oilcareer.ru/publ/11-1-0-26 |access-date=2023-08-01 |website=www.oilcareer.ru}}</ref>

== References == {{Reflist}}

==External links== {{Portal|Energy}} * [http://www.tengizchevroil.com/en/home Official website (in English)] * [https://www.chevron.com/projects/tengiz-expansion Tengiz expansion – Chevron Corporation] * [https://web.archive.org/web/20061123091229/http://www.unitedworld-usa.com/reports/kazakhstan/tengizchevroil.asp ‘When there’s a challenge, we face it head on’ - Interview by Alexander Cornelius, CEO of TengizChevroil], by United World. 27 April 2006

Category:Oil and gas companies of Kazakhstan Category:Joint ventures Category:Companies established in 1993 Category:ARCO Category:ExxonMobil subsidiaries Category:Chevron Corporation Category:Lukoil