Kazakh Chevron JV lifts 2010 oil output 15 percent

Feb 10. Reuters

* Tengizchevroil produced 25.9 mln tonnes in 2010
* No forecast for 2011
* Kazakhstan aims to increase oil production

Kazakh Chevron JV lifts 2010 oil output 15 percentThe Chevron-led (CVX.N) Tengizchevroil (TCO) consortium increased crude oil output by 15 percent to 25.9 million tonnes last year, cementing its position as the largest oil producer in Kazakhstan.

TCO said in a statement its 2010 crude oil output was equivalent to 207 million barrels last year, or approximately 567,000 barrels per day. The company gave no output forecast for 2011.

TCO produced 22.5 million tonnes of oil in 2009. As well as Chevron, its shareholders are Kazakh state oil and gas company KazMunaiGas [KMG.UL], U.S. major ExxonMobil (XOM.N) and Russia’s LUKOIL (LKOH.MM).

Kazakhstan has doubled its oil output over the past decade to become the second-biggest producer in the former Soviet Union after Russia. The Central Asian country produced 79.5 million tonnes of oil and gas condensate in 2010, up 4 percent on 2009.

Kazakhstan has ambitions to raise production to 100 million tonnes by 2015 and 130 million tonnes by 2020, the Oil and Gas Ministry has said.

Much of this increase will be supplied by the Kashagan field in the Caspian Sea, the world’s biggest oil discovery in more than four decades, which is being developed by a consortium led by Italy’s ENI (ENI.MI).

http://www.reuters.com/article/2011/02/10/oil-tengizchevroil-idUSLDE7190VN20110210

Share