Latest news with #KazMunayGaz
Reuters
30-06-2025
- Business
- Reuters
Kazakhstan may beat its oil output forecast by 2% in 2025, Reuters data shows
MOSCOW, June 30 (Reuters) - Kazakhstan may exceed its previous oil production forecast by around 2% this year following an upgrade to output at its largest Caspian oilfields, Reuters calculations, based on data from state-owned energy company KazMunayGaz ( opens new tab, showed. According to calculations, oil output in Kazakhstan may rise this year to around 97.7 million metric tons, or 2 million barrels per day, from a previous projection of 96.2 million tons. Kazakhstan, among the world's 10 biggest oil producers, has persistently exceeded quotas set by OPEC+, an alliance between the Organization of the Petroleum Exporting Countries and other producers led by Russia. KazMunayGaz raised its forecasts for oil output at the country's largest oilfield, Tengiz, by 900,000. It also revised up expectations for output at Kashagan by 200,000 tons and Karachaganak by 360,000 tons. U.S. major Chevron (CVX.N), opens new tab embarked in January on a $48 billion expansion of Tengiz, which is one of the world's deepest and most complex fields due to high sulphur levels and harsh weather conditions. Output at the field from January to May reached 15.9 million tons, according to KazMunayGaz. Kazakhstan produced 87.8 million tons last year.
Yahoo
28-06-2025
- Business
- Yahoo
Chevron (CVX)-Backed TCO Sends First Oil Shipment to Germany via Russia
Chevron Corporation (NYSE:CVX) is one of Goldman Sachs' top energy stock picks. On June 27, Chevron-backed Tengizchevroil (TCO) completed its first-ever oil shipment to Germany via Russia's Druzhba pipeline, delivering 100,000 metric tons. This milestone opens a new export route to European markets as Kazakhstan ramps up production from its massive Tengiz oilfield. Photo by Luis Ramirez on Unsplash Chevron holds a 50% stake in TCO, making it the lead partner in the consortium alongside ExxonMobil, KazMunayGaz, and Lukoil. The move signals Chevron's deepening involvement in Eurasian energy logistics, leveraging existing infrastructure to tap new markets and support rising output from the Tengiz field. Chevron Corporation (NYSE:CVX) is a global energy company primarily involved in the exploration, production, refining, and marketing of oil and natural gas. It also invests in renewable energy sources and develops lower-carbon solutions. While we acknowledge the potential of CVX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best AI Stocks to Buy According to Billionaire David Tepper and 10 Stocks Analysts Are Upgrading Today. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-06-2025
- Business
- Yahoo
Chevron (CVX)-Backed TCO Sends First Oil Shipment to Germany via Russia
Chevron Corporation (NYSE:CVX) is one of Goldman Sachs' top energy stock picks. On June 27, Chevron-backed Tengizchevroil (TCO) completed its first-ever oil shipment to Germany via Russia's Druzhba pipeline, delivering 100,000 metric tons. This milestone opens a new export route to European markets as Kazakhstan ramps up production from its massive Tengiz oilfield. Photo by Luis Ramirez on Unsplash Chevron holds a 50% stake in TCO, making it the lead partner in the consortium alongside ExxonMobil, KazMunayGaz, and Lukoil. The move signals Chevron's deepening involvement in Eurasian energy logistics, leveraging existing infrastructure to tap new markets and support rising output from the Tengiz field. Chevron Corporation (NYSE:CVX) is a global energy company primarily involved in the exploration, production, refining, and marketing of oil and natural gas. It also invests in renewable energy sources and develops lower-carbon solutions. While we acknowledge the potential of CVX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best AI Stocks to Buy According to Billionaire David Tepper and 10 Stocks Analysts Are Upgrading Today. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Trade Arabia
13-05-2025
- Business
- Trade Arabia
AIQ expands footprint with AR360 deployment at KazMunayGaz
AIQ, an Abu Dhabi-based AI company, has partnered with KazMunayGaz to develop a Reservoir Performance Advisor (RPA) module from its Advanced Reservoir 360 (AR360) solution. AR360 is a predictive tool that increases user productivity by 75% in reservoir model reviews. The RPA module allows users to access machine learning and automation capabilities directly within their workflows. The collaboration was announced during a state visit by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to Kazakhstan, involving Magzhan Kenesbai, AIQ Acting Managing Director, and Askhat Khassenov, CEO of KazMunayGaz, Kazakhstan's national oil and gas operator, in Astana. The RPA module will be used by KazMunayGaz to enhance their reservoir model reviews. Magzhan Kenesbai, Acting Managing Director of AIQ stated, 'AR360 has already achieved impressive results within Adnoc operations, providing engineers with unmatched reservoir insights. The solution is deployed across dozens of Adnoc reservoirs, and we are eager to implement the solution in Kazakhstan, where KazMunayGaz will be able to rapidly begin to benefit from a 360-degree view of its reservoirs, drastically improving decision-making. Collaboration between the UAE and Kazakhstan is far-reaching and positive, and we are pleased to include this latest agreement to both our nation's pursuits of innovation for the benefit of industry and society.' -TradeArabia News Service
Reuters
28-01-2025
- Business
- Reuters
Kazakhstan's oilfields, disputes and settlements with oil majors
MOSCOW, Jan 28 (Reuters) - Kazakhstan, one of the world's 10 biggest oil producers, increased pressure on international companies operating in the country on Tuesday, calling for improved contract terms. The move is the latest in a string of claims, disputes and settlements in recent years which saw international firms cede control of oilfields to the state or reach cash settlements. Following are details on Kazakhstan's main oilfields and pipelines and the main disputes and settlements since the late 2000s. KASHAGAN The giant offshore field in the North Caspian Sea was discovered in 2000 and remains one of the biggest discoveries in recent decades, as well as one of the costliest. Oil production started in 2013. The field produced around 378,500 barrels per day (bpd) in 2024, lower than its initially forecast capacity of 400,000 bpd. Its development plans aim to increase output capacity to 450,000 bpd. Kashagan is operated by the North Caspian Operating Company (NCOC) that includes Eni ( opens new tab (16.81% stake), Shell (SHEL.L), opens new tab (16.81%), TotalEnergies ( opens new tab (16.81%), ExxonMobil (XOM.N), opens new tab (16.81%), KazMunayGaz ( opens new tab (16.88%), Inpex (1605.T), opens new tab (7.56%) and China National Petroleum Corp ( (8.33%). KARACHAGANAK The Karachaganak gas-condensate field was discovered in 1979 in northwest Kazakhstan, covering an area of more than 280 square km (108 square miles). Production started in 1984. The field is operated by the Karachaganak Petroleum Operating (KPO) consortium which includes Eni (29.25%), Shell (29.25%), Chevron (CVX.N), opens new tab (18%), Lukoil ( opens new tab (13.5%) and KazMunayGaz (10%) Oil production reached around 263,000 bpd in 2024. TENGIZCHEVROIL The Chevron-led Tengizchevroil (TCO) consortium operates the Tengiz and Korolev fields. Tengiz, Kazakhstan's largest oilfield and one of the world's deepest, was discovered in 1979. Chevron holds a 50% stake in TCO, while KazMunayGaz has 20%, Exxon 25% and Lukoil 5%. It produced around 606,000 bpd in 2024. CPC More than 80% of Kazakhstan's crude is exported via the 935-mile (1,500-km) Caspian pipeline linking TCO, Karachaganak and other fields to the Russian port of Yuzhnaya Ozereyevka, close to Novorossiisk, which supplies around 1.2% of global oil demand. The main shareholders in the Caspian Pipeline Consortium (CPC) are Russian pipeline operator Transneft (TRNF_p.MM), opens new tab with a 24% stake, Kazakhstan's KazMunayGaz with 19%, and the Chevron Caspian Pipeline Consortium Company with 15%. DISPUTES AND SETTLEMENTS In 2023, Kazakhstan launched claims against companies developing Kashagan and Karachaganak oilfields for $13 billion and $3.5 billion, respectively, over disputed costs. In 2020, Kazakhstan reached a $1.9 billion settlement, opens new tab with the Karachaganak partners that brought to an end a years-long dispute over profit-sharing from the giant field. In 2012, partners in the Kashagan consortium agreed to cover $1 billion of Kazakh state energy company KazMunayGaz's extra costs to settle a dispute over the project. A year earlier, the Karachaganak field consortium led by Eni agreed to give the Kazakh government a 10% stake in the field, valued at $1 billion, as part of a dispute resolution. It is harder to put a value on other concessions won in Kazakhstan's legal wranglings, such as the addition of some long-term payments, obligations to sell gas to a state entity or non-reimbursement of some historic costs. In 2008, Kazakhstan doubled its stake in Kashagan to 16.8% as part of a settlement with international oil majors over delays in development of the field. here.
