BAKU, Azerbaijan, November 3. Tengizchevroil
(TCO) has contributed approximately $222 billion in direct
financial payments to Kazakh entities since its inception in 1993,
the company reported. Of that total, roughly $10.2 billion was
funneled into the Kazakh economy during the first nine months of
2026.
According to the company, the total includes taxes and royalties
paid to the state, tariffs and fees paid to state-owned companies,
profit distributions to the Kazakh shareholder, purchases of Kazakh
goods and services, and salaries paid to Kazakh employees.
TCO reported that its cumulative spending on Kazakh goods and
services reached approximately $53.5 billion since 1993. In the
first nine months of 2026, the company allocated around $1.3
billion for these purchases.
The company also noted that Kazakh citizens account for 96% of
its workforce, compared to 50% in 1993.
Tengizchevroil operates within a licensed area covering 2,500
square kilometers (approximately 1,600 square miles). The area
includes the supergiant Tengiz field, the smaller but still
substantial Korolev field, and several prospective exploration
areas.
Tengizchevroil was established on April 6, 1993, as a joint
venture between Kazakhstan and US company Chevron. The
partnership's ownership structure is as follows: Chevron - 50%;
ExxonMobil - 25%; KazMunayGas - 20%; and LUKOIL - 5%.
Tengiz, one of the world's deepest-producing supergiant oil
fields, was discovered in 1979. Estimated oil in place at the
Tengiz field amounts to 3.1 billion metric tons (approximately 25
billion barrels), while the Korolev field is estimated to contain
200 million metric tons (approximately 1.6 billion barrels) of
oil.
The total recoverable crude oil reserves of the Tengiz and
Korolev fields amount to 1.4 billion metric tons (approximately 11
billion barrels).
