Tengizchevroil Reduces Payments To Kazakhstan By 41% In 2016

U.S. Oil Producers Reassured By Kazakhstan On Key Projects

Tengizchevroil JV (TCO) paid $4.7 billion in 2016 to the revenue of Kazakhstan compared with $8.2 billion in 2015, reports KazWorld.info.

The sum of direct payments to Kazakhstan amounted to $8.2 bn in 2015, $14.7 bn in 2014. The total volume of direct payments to Kazakhstan since 1993 until 2016 amounted to $116 bn.

Tengizchevroil LLP is a Kazakhstani partnership that explores, develops, produces and markets crude oil, LPG, dry gas and sulfur.  Tengizchevroil was formed between the Republic of Kazakhstan and Chevron Corporation in April 1993, . Current partners are: Chevron Overseas Company, 50 percent; KazMunayGas NC JSC, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent and LUKARCO B.V., 5 percent.