LONDON — Kazakhstan’s largest oil venture Tengizchevroil (TCO) is gradually increasing production to reach normal rates at the Tengiz field after protests limited output there in recent days, operator Chevron said on Sunday.
Production at Tengiz, Kazakhstan’s largest oilfield, was curtailed in the past few days as some contractors disrupted train lines in support of protests taking place across the central Asian country.
“TCO is safely and gradually increasing production to reach normal rates,” Chevron, the largest foreign oil producer in Kazakhstan with a 50% stake in the Tengizchevroil joint venture, said in a statement.
Kazakhstan is a major oil producer with output of about 1.6 million barrels per day (bpd) in recent months, and has rarely seen production disrupted by unrest or natural disaster.
TCO produces around 700,000 bpd. Trains are used to transport liquefied petroleum gas (LPG), a by-product from the oil extraction, sources told Reuters.
(Reporting by Ron Bousso; Editing by Susan Fenton)
This advertisement has not loaded yet, but your article continues below.
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300