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.
In January 2014, the firm reported a record rise in output from 27.1 million tonnes to 24.2 million tonnes.
- Lukoil buys BP stake for $1.6 bln cash
- Chevron-led Kazakh oil firm hits record output in 2013, International: Reuters, 2014
- ‘When there’s a challenge, we face it head on’ - Interview by Alexander Cornelius, CEO of TengizChevroil, by United World. 27 April 2006
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