Wealthy Tengezshevrol transfers over 203 billion US dollars to Kazakhstan's national treasury
Firing Up the Tengiz Oil Field: TCO's Impressive Q1 2025 Results
In the cauldron of the oil industry, Tengizchevroil (TCO) is stoking the flames higher than ever, as reported by Liter.kz. Here's a lowdown on TCO's smoking-hot Q1 2025 performance.
Kickstarting the year on a high note, TCO's oil production guns were blazing, pumping out a whopping 9.37 million tons, or 74.5 million barrels, marking a 25% increase. Hailing the safe initiation of the new third-generation plant under the PBR-PUUD framework, the company credits this success to its expansion plans.
Anticipating a production boost of 12 million tons per year, this third-gen baby is expected to kick Tengiz's yearly oil production into overdrive. With all Tengiz field facilities humming at max capacity, TCO's annual oil production could soar up to an astounding 40 million tons. This increase would send tax, royalty, and other direct payments to Kazakhstan's budget skyrocketing.
In just the first three months of the year, TCO dished out a cool $1.7 billion to the state treasury. Stretching back to 1993, TCO's total payments surpass the eye-popping figure of $203 billion, encompassing taxes, dividends, salaries, and local purchases.
In addition to the black gold, TCO sold a smattering of liquefied gas, sulfur, and dry gas in Q1 2025. TCO supplies the vast majority of the dry gas produced to the domestic market.
Nestled in Atyrau region, TCO makes its home among the deepest oil fields on the planet. Since the early 90s, TCO has sunk $3.5 billion into social projects for the region and its employees.
Background Info:- The second generation plant, put into operation in 2008, increased TCO's production capacity to 75,000 metric tons (600,000 barrels) of crude oil per day.- The Future Growth Project (FGP), including the Third-Generation Plant (3GP), is projected to boost production by an additional 12 million metric tons (260,000 barrels) per day, once all facilities are up and running.- The FGP, spearheading Chevron's plans to augment oil production from Tengiz, aims for completion in the first half of 2025.
In the context of TCO's impressive Q1 2025 results, the expansion plans, spearheaded by the third-generation plant, are projected to not only increase oil production but also boost the finance industry's contributions, particularly in the energy sector, through elevated tax and royalty payments to Kazakhstan's budget. Additionally, TCO's sales in Q1 2025 included liquefied gas, sulfur, and dry gas, underscoring the company's diversified activities within the energy industry.
