Tengizchevroil (TCO) is a major producer and marketer of crude oil, LGP, dry gas and sulfur in Atyrau Oblast, Zhylyoi district, where the company operates the world’s super-giant deepest onshore wells Tengiz and nearby Korolev fields

Tengizchevroil (TCO) is a major producer and marketer of crude oil, LGP, dry gas and sulfur in Atyrau Oblast, Zhylyoi district, where the company operates the world’s super-giant deepest onshore wells Tengiz and nearby Korolev fields. Established in 1993 as a joint venture between Chevron and the newly independent Republic of Kazakhstan; today, TCO is a partnership between Chevron, 50 percent; KazMunayGas, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent; Lukoil, 5 percent. All work in TCO is carried out at the level of world standards for safety and environmental protection.

Since its establishment, TCO has helped fuel Kazakhstan’s socio-economic development with direct financial payments to the country of over $196 billion. An independent study covering a 12-year period, demonstrated that TCO stimulates up to 11% of Kazakhstan’s gross domestic product. In addition, TCO and its contracting companies account for up to 30% of all tax revenues to the national budget.

For the third year in a row, the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan recognized TCO as the best taxpayer in Kazakhstan in Subsoil User category for flawless performance of tax obligations. TCO’s direct payments to Kazakhstan for the first half of 2024 amounted to approximately $6.2 billion, including wages to Kazakhstani employees, purchases of goods and services from domestic producers and suppliers, payments to state-owned enterprises, dividend payments to the Kazakhstan partner, including taxes and royalties transferred to the state budget.

The main asset of the company – its people. Currently, Kazakhstani citizens hold 95% of positions in Base Business and local managers and supervisors represent 87.6% of the managerial roles. As a result of investment in talented domestic employees, since 2007, more than 460 Kazakhstani specialists have replaced foreign colleagues in key management and technical positions. In a large-scale independent research of employer brand perception, TCO has been recognized as the most attractive employer in Kazakhstan for the third year in a row.

 

The constant development of the Kazakhstani market of goods meeting high international standards is a cornerstone of TCO’s development strategy and brings significant benefits to the national economy. The company has a system for stimulating localization of production, which includes preliminary planning of Kazakhstani Content in future purchases of goods, obligations of new suppliers to localize production, personnel training, and consistent monitoring of purchases of domestic goods. Due to these efforts, in first half of 2024, КС spent about $1,5 billion, including more than $760 million for FGP-WPMP (Future Growth Project - Wellhead Pressure Management Project). In total, since 1993, TCO has purchased goods and services from Kazakhstani suppliers in amount of over $49.2 billion.

 

Since its founding, over $385 million has been invested in more than 120 social infrastructure projects aimed at building and improving social facilities such as schools, hospitals, recreation areas, kindergartens, and other public facilities in Atyrau Oblast. In 2023 alone TCO funded construction of 2 schools in Atyrau Oblast with capacity of over 600 seats, including a fully equipped 75-beds central regional hospital in Kulsary.

Moreover, in 2024 TCO has allocated 2 billion tenge to provide emergency assistance as flood response measures in Zhylyoi district and Atyrau Oblast, Almaly project with 16 km long dyke construction, 4.5 tons of humanitarian aid along with volunteers and donations from workforce, as well as to carry out recovery measures after the water level decline.