TCO announced twofold reduction of payments to Kazakhstan in H1 2016

As the company’s press service informed, in January-June 2016, TCO's direct payments to Kazakhstan made  $2.6 bln.

Last year, this amount made $5.2 bln  in the same period, while throughout 2015 the company paid $8.3 bln in total. In the first half of 2016, crude oil output made 14.4 mln tonnes or 114.8 mln barrels.

Tengiz oil deposit was discovered in 1979 and is considered to be one of the largest and deepest oil fields in the world. LLP Tengizchevroil  was established on April 6, 1993 as per the agreement between the Republic of Kazakhstan and Chevron Company. TCO partners today with Chevron – 50%, JSC NC KazMunayGas – 20%, ExxonMobil Kazakhstan Ventures Inc. – 25% and JV LukArko – 5%. The known reserves of Tengiz collector make 3.2 bln tonnes (25.5 bln barrels) and 200 mln tonnes (1.6 bln barrels) at Korolevskoye deposit. The recoverable reserves of oil at Tengiz and Korolevskoye deposits vary from 800 mln to 1.3 bln tonnes (6.4-10.7 bln barrels). The width of the Tengiz collector is 20 km and its length is 21 km.