Tengizchevroil took part in the 24th World Petroleum Congress in Calgary

25 September 2023

Recently, the picturesque city of Calgary, Canada, was the location of the 24th World Petroleum Congress (WPC) which was attended by senior government officials and delegates from around the world. One of the main topics was “Energy Transition: The Path to Net Zero”. As part of WPC the first “round table” on Kazakh Canadian cooperation in the energy sector was held. The Minister of Energy of the Republic of Kazakhstan Almassadam Satkaliyev spoke about the investment attractiveness of the energy industry of Kazakhstan. Of particular interest to WPC participants were Kazakhstan’s recent initiatives to develop renewable energy, gasify the country, introduce ESG principles, as well as the country’s approaches to the transition to carbon neutrality.

The oil and gas industry of Kazakhstan was represented by several companies: NC KazMunayGas JSC, Tengizchevroil LLP, Caspian Pipeline Consortium - Kazakhstan, KBTU JSC. The Deputy Chairman of JSC NC KazMunayGas, Bulat Zakirov in his speech focused on the importance of diversifying export routes and a thoughtful approach to sustainable development.

The TCO General Manager, Policy, Government and Public Affairs, Darmen Aronov, also delivered remarks about the history of the successful partnership between Kazakhstan and the Chevron corporation, which allowed the creation in 1993, of one of the largest companies in the country. TCO’s oil production volume now accounts for approximately 30% of Kazakhstan’s total crude oil output.

“Since 1993, when Tengizchevroil was established, crude oil production capacity has grown from 1 million tons per year to over 29 million tons in 2022. Thanks to this mutually beneficial partnership, direct financial payments to Kazakhstan have reached more than $184 billion since TCO’s formation. TCO is currently finalizing the Future Growth Project-Wellhead Pressure Management Project (FGP-WPMP) which will allow for production of 1 million barrels of oil-equivalent per day.”, - noted Darmen Aronov, TCO General Manager, Policy, Government and Public Affairs.

One of TCO’s core values is to operate responsibly by protecting people and the environment. Since 2000, TCO has reduced its air emissions per metric ton of crude oil produced, by 75% – the lowest in our company’s history. Also, flaring volumes decreased by 57% versus 5 years ago. This was achieved while increasing crude oil production and contributing to global energy security. TCO also recognizes water as a precious resource in Western Kazakhstan, and the company’s water reuse rates are close to 50%.

TCO's influence is much greater than just production, he noted in his speech. According to research conducted by S&P Global Market Intelligence in collaboration with KIMEP University, through a multiplier effect, each local TCO employee supports another 41 jobs in various industries throughout Kazakhstan. This amounts to more than 153 thousand jobs on average per year over the period of the study.

All of these topics were discussed at the World Petroleum Congress. Substantive agreements were reached between the Ministry of Energy on establishing international ties, as well as on organizing mutual visits of oil and gas companies of Kazakhstan and Canada in 2024.