Tengizchevroil is a joint venture between

Chevron Chevron (often relating to V-shaped patterns) may refer to: Science and technology * Chevron (aerospace), sawtooth patterns on some jet engines * Chevron (anatomy), a bone * '' Eulithis testata'', a moth * Chevron (geology), a fold in rock la ...

(50% share in the consortium),

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 3 ...

(25% share),

KazMunayGas KazMunayGas (KMG) ( kk, QazMúnayGaz, ҚазМұнайГаз) is the state-owned oil and gas company of Kazakhstan.

(20% share) and

LukArco LukArco B.V. is a subsidiary of the Russian oil company Lukoil. It was formed in February 1997 as a joint venture between Lukoil and the former American oil company ARCO. In 2000, Arco merged with the UK oil company BP, and since BP became a shar ...

(5% share). The joint venture was formed in April 1993, when the

government of Kazakhstan The Government of the Republic of Kazakhstan ( kk, Қазақстан Республикасының Үкіметі, tr, ''Qazaqstan Respublikasynyñ Ükımetı'') oversees a presidential republic. The President of Kazakhstan, currently Kassym ...

granted exclusive 40-year rights to Tengizchevroil LLP (TCO) to develop the Tengiz and Korolevskoye

oil field A petroleum reservoir or oil and gas reservoir is a subsurface accumulation of hydrocarbons contained in porous or fractured rock formations. Such reservoirs form when kerogen (ancient plant matter) is created in surrounding rock by the presen ...

s located in the north-eastern reaches of the

Caspian Sea The Caspian Sea is the world's largest inland body of water, often described as the world's largest lake or a full-fledged sea. An endorheic basin, it lies between Europe and Asia; east of the Caucasus, west of the broad steppe of Central A ...

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...

History and operations

From a two-company joint venture in 1993 (between the Kazakhstani state oil company KazakhOil, now KazMunayGas, and the American oil giant Chevron) Tengizchevroil expanded in 1996–1997 into a four-company consortium: ExxonMobil Kazakhstan Ventures, an ExxonMobil subsidiary, and LukArco, a joint venture between

Lukoil The PJSC Lukoil Oil Company ( stylized as LUKOIL or ЛУКОЙЛ in Cyrillic script) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petrol ...

and

Atlantic Richfield ARCO ( ) is a brand of gasoline stations currently owned by Marathon Petroleum after BP sold its rights. BP commercializes the brand in Northern California, Oregon and Washington, while Marathon has rights for the rest of the United States and ...

(ARCO), acquired 25% and 5% respectively. In 2000, BP became involved in the business, as BP had merged with Arco and took a 46% share in LukArco. In December 2009, BP sold its stake to Lukoil and thereafter Lukoil became the sole shareholder of LukArco. In mid-2019, BP expressed interest in returning to Kazakhstan. The company signed a memorandum of understanding with KazMunayGas. In 2020, the companies signed an agreement establishing a partnership to explore for hydrocarbons in Kazakhstan. In January 2014, the firm reported a record rise in output to 27.1 million tonnes from 24.2 million tonnes.

References

External links

Official website (in English)

Tengiz expansion – Chevron Corporation

‘When there’s a challenge, we face it head on’ - Interview by Alexander Cornelius, CEO of TengizChevroil
by United World. 27 April 2006 Oil and gas companies of Kazakhstan Joint ventures Companies established in 1993 ARCO ExxonMobil subsidiaries Chevron Corporation Lukoil {{petroleum-company-stub