Kazakhstan's TCO oil venture cuts output due to Russian port work (updated)
25/03/2022 11:32
(Adds details)
By Ron Bousso
LONDON, March 25 (Reuters) - Kazakhstan's largest oil
venture Tengizchevroil (TCO) is lowering output following
unscheduled repair works at an export terminal at the Russian
port of Novorossisk on the Black Sea coast, TCO operator Chevron
CVX.N said on Friday. urn:newsml:reuters.com:*:nL5N2VQ3PH
"Due to unscheduled repair works at the Caspian Pipeline
Consortium's (CPC) marine terminal, Tengizchevroil (TCO) is
adjusting its production accordingly and plans to export crude
oil in line with CPC's allocation," a Chevron spokesperson said.
The company would not provide detail on the size of the
output cuts.
Most of Kazakhstan's crude, from TCO as well as the giant
Kashagan and Karachaganak oilfields, is exported via the 1,511
kilometre-long CPC pipeline to the port of Novorossiisk,
supplying around 1.2% of global oil demand.
It was unclear if other oilfields were also reducing output.
The Novorossisk port operator shut down two of the three
berths at the CPC export terminal on Wednesday, blaming damage
from a recent storm, although loadings were partially resuming
from one on Thursday.
Kazakh Energy Minister Bolat Akchulakov said that some
exports from the CPC terminal were expected to resume on
Friday. urn:newsml:reuters.com:*:nL2N2VS09D
TCO produces around 700,000 barrels of oil a day. It is
operated by Chevron CVX.N , which holds a 50% stake in the
project while Exxon holds 25%.
The CPC pipeline owners include Exxon, Eni, Shell, Kazakh
energy company KazMunayGas and Russian pipeline operator
Transneft.
(Reporting by Ron Bousso; editing by Jason Neely)
((ron.bousso@thomsonreuters.com; +44 (0) 2075422161; Reuters
Messaging: ron.bousso.reuters.com@reuters.net))