Kazakhstan’s TCO oil venture cuts output due to Russian port work

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London – Tengizchevroil (TCO), Kazakhstan’s largest oil venture, has reduced output due to unannounced repair work at an export terminal at the Russian port of Novorossisk on the Black Sea coast, TCO operator Chevron said on Friday.

“Due to unscheduled maintenance operations at the Caspian Pipeline Consortium’s (CPC) maritime terminal, Tengizchevroil (TCO) is modifying its output appropriately and aims to export crude oil in accordance with CPC’s allotment,” a Chevron spokeswoman explained.

The corporation refused to disclose specifics on the amount of the output reductions.

The majority of Kazakhstan’s crude, from TCO as well as the massive Kashagan and Karachaganak oilfields, is shipped via the 1,511-kilometer-long CPC pipeline to the port of Novorossiisk, meeting around 1.2 percent of world oil demand.

It was unclear whether other oilfields were cutting output as well.

The Novorossisk port operator closed two of the three berths at the CPC export terminal on Wednesday, alleging storm damage, while loadings were partially resumed from one on Thursday.

According to Kazakh Energy Minister Bolat Akchulakov, some shipments from the CPC facility are likely to restart on Friday.

TCO produces around 700,000 barrels of oil per day. It is run by Chevron, which has a 50% share in the project, while Exxon has a 25% stake.

Exxon, Eni, Shell, Kazakh energy giant KazMunayGas, and Russian pipeline operator Transneft are among the CPC pipeline owners.

Source: CNA

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