Tengizchevroil
Tengizchevroil (TCO) is a Kazakhstan joint venture (Chevron 50%, ExxonMobil 25%, KazMunayGas 20%, Lukoil 5%) operating the Tengiz oil field at ~1 million barrels per day capacity, exporting crude via the Caspian Pipeline Consortium and supplying domestic gas and LPG to QazaqGaz and KMG PetroChem.
- Company typePrivate
- Founded1993
- HeadquartersAtyrau, Kazakhstan
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Tengizchevroil does
Tengizchevroil LLP (TCO) is a Kazakhstan-incorporated joint venture established in 1993 to develop and operate the Tengiz and Korolev fields — among the world's largest and deepest oil reservoirs, accounting for roughly 40% of Kazakhstan's total oil production. The joint venture is owned by Chevron (50%, operator), ExxonMobil Kazakhstan Ventures Inc. (25%), KazMunayGas (20%, representing the Republic of Kazakhstan), and Lukoil (5%). The company's functional mandate covers the full upstream-to-midstream value chain: exploration, development, production, and marketing of heavy sour crude oil, dry natural gas, liquefied petroleum gas, and sulfur. Production is exported predominantly through the Caspian Pipeline Consortium (CPC) to the Black Sea terminal at Novorossiysk, with the Baku-Tbilisi-Ceyhan pipeline serving as an alternative route; domestic gas and LPG are sold under long-term contracts to QazaqGaz (up to 9 bcm of dry gas annually) and KMG PetroChem (gas and propane feedstock for petrochemical production at the Atyrau complex). Cumulative direct financial contributions to the Republic of Kazakhstan from 1993 through Q1 2026 total approximately $214 billion.
TCO's core technical footprint centers on two major capital programs. The $48 billion Future Growth Project (FGP) — which achieved first oil at its new Third Generation Plant (ZTP) in January 2025 — has lifted nameplate capacity to approximately 1 million barrels per day, positioning Tengiz among the world's top 10 producing fields. The parallel Wellhead Pressure Management Project (WPMP) is designed to optimize wellhead pressure and maximize reservoir recovery. Production technology relies on sour-gas reinjection, sulfur handling and recovery, and an Integrated Operations and Control Center (IOCC) providing 24/7 digital monitoring across the field. Q1 2026 crude production was 5.7 million tonnes; April 2026 production reached 973,000 bpd following recovery from a January 2026 fire at the GTES-4 power station. The company's 2026 capex envelope, as guided by operator Chevron, sits at $1.3–$1.7 billion.
Commercially, TCO operates as a private commodity producer with no publicly disclosed pricing and no public listing. Revenue mechanics are split between international crude sales (priced off Brent-related benchmarks, settled via CPC) and long-term domestic offtake contracts for gas, LPG, and sulfur byproducts. Pricing on crude is not negotiated in the conventional sense — it tracks global benchmarks — while domestic gas and LPG offtakes are contractually anchored. TCO's customer profile is concentrated by pipeline: a single export route (CPC) for crude and a small number of state-affiliated domestic counterparties for gas and LPG. The operating agreement with Kazakhstan extends through 2033, and the company has indicated ongoing negotiations for further extension. Local content reached 71% as of April 2026, with over $3 billion in Kazakhstani goods, works, and services procured in 2024.
Tengizchevroil firmographics
Firmographics- Name
- Tengizchevroil
- Legal name
- Tengizchevroil LLP
- Website
- https://tengizchevroil.com
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Tengizchevroil (TCO) is a Kazakhstan joint venture (Chevron 50%, ExxonMobil 25%, KazMunayGas 20%, Lukoil 5%) operating the Tengiz oil field at ~1 million barrels per day capacity, exporting crude via the Caspian Pipeline Consortium and supplying domestic gas and LPG to QazaqGaz and KMG PetroChem.
- Ownership category
- akta.pro rank
Tengizchevroil industry classification
Industry- Product category
- Upstream Oil and Gas Production
- NAICS
- Crude Petroleum Extraction (211120), Natural Gas Extraction (211130)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)
- akta.pro secondary industries
- Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA), Gas Processing & NGL Recovery (Dehydration, Sweetening, Cryogenic Recovery) (EUALAGAG), Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH)
Keywords
Where Tengizchevroil is headquartered
LocationHeadquarters
- HQ city
- Atyrau
- HQ country
- Kazakhstan
- HQ region
- Asia
Offices3 records
Markets served
Tengizchevroil business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Crude Oil Production and Export: Primary revenue from crude oil production at Tengiz field, exported via Caspian Pipeline Consortium to international markets. Production reached 973,000 bpd in April 2026 following recovery from January power outage.
- Natural Gas Sales to Domestic Market: Sales of dry gas to domestic Kazakhstan market through agreements with QazaqGaz, providing up to 9 billion cubic meters of dry gas annually to gas processing facilities in Atyrau oblast.
- Liquefied Petroleum Gas (LPG) Sales: Supply of LPG to domestic customers and industry, including propylene for petrochemical production at Kazakhstan Petrochemical Industries facilities.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Tengizchevroil product offering
Product offeringCore offering
Tengizchevroil explores, develops, produces, and markets crude oil, natural gas (dry gas), liquefied petroleum gas (LPG), and sulfur from the Tengiz field in Kazakhstan — one of the world's largest oilfields with peak production capacity of approximately 1 million barrels per day following the $48 billion Future Growth Project expansion. Crude oil is exported via the Caspian Pipeline Consortium (CPC) to international markets, while dry gas is supplied to the domestic Kazakhstan market through QazaqGaz and KMG PetroChem.
Product overview
Tengizchevroil LLP (TCO) is a Chevron-led joint venture operating Kazakhstan's largest oil field at Tengiz. The company produces crude oil, sales gas, and LPG through its core field operations. Major ongoing projects include the $48 billion Future Growth Project (FGP) and the Wellhead Pressure Management Project (WPMP), both designed to expand production capacity. TCO also operates a Supplier Expression of Interest (SEOI) portal for vendor engagement. The joint venture structure includes Chevron (50%), ExxonMobil (25%), KazMunayGas (20%), and Lukoil (5%).
Differentiator
Problem solved
Functional benefit
Products and services
- Crude Oil
- Sales Gas (Dry Natural Gas)
- Liquefied Petroleum Gas (LPG)
Quantifiable outcome
- Direct financial contributions of $214 billion to Kazakhstan from 1993 to Q1 2026
- +4 more outcomes
Companies that use Tengizchevroil
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Tengizchevroil technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Tengizchevroil partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, regional and major.
- Caspian Pipeline Consortium (CPC)coreCPC joint venture operates the major crude oil export pipeline from Kazakhstan fields including Tengiz to the Black Sea terminal at Novorossiysk. US sanctions on CPC were removed in November 2025.
- Employment Coordination Department of Atyrau RegionregionalPartnership for professional training programs for unemployed citizens to develop demanded workforce skills in the oil and gas region.
- Zhylyoi District Akimat (Government)regionalTripartite memorandum on employment cooperation signed with 36 contracting organizations to support local employment in Zhylyoi district where TCO operations are located.
- QazaqGaz (NC QazaqGaz)majorLong-term gas supply agreement for delivery of up to 9 billion cubic meters of dry gas annually to domestic market customers.
- KMG PetroChemmajorGas supply agreement and collaboration on Gas Separation Complex project for petrochemical industry development in Kazakhstan.
- Eurasia Foundation of Central Asia (EFCA)regionalImplementation partner for the 'Tandau' entrepreneurship development project supporting SME growth in Zhylyoi district through interest-free loans.
- Chevron CorporationcoreChevron holds 50% ownership and serves as operator of the Tengizchevroil joint venture. Chevron leads the consortium's operations, technology deployment, and strategic direction for Kazakhstan's largest oil field.
- ExxonMobil Kazakhstan Ventures Inc.coreExxonMobil holds 25% ownership in the Tengizchevroil joint venture, contributing to one of the world's largest oil development projects.
- KazMunayGas (KMG)coreKazMunayGas holds 20% ownership representing Kazakhstan's national interest in the Tengizchevroil joint venture, with dividends and revenue flowing to the Kazakhstani state.
- LukoilcoreLukoil holds 5% ownership in the Tengizchevroil joint venture, participating in Kazakhstan's largest oil development.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Tengizchevroil competitors and assessment
Company assessmentBroad incumbents
- Chevron Corporation: 50% shareholder and operator of TCO. Chevron is a broad incumbent whose Tengiz segment is one of its largest producing assets, providing the operator capability, technology, and capital allocation framework that drives TCO's performance.
- ExxonMobil: 25% shareholder in TCO and operator of comparable large-scale upstream JVs globally (e.g., PNG LNG, Sakhalin-1 historically). Comparable as a global major with significant exposure to capital-intensive, JV-governed upstream developments in frontier or partner-constrained geographies.
- Petrobras: National oil company operating large deepwater, high-pressure reservoirs with technically challenging production analogous to Tengiz. Comparable as a producer of heavy/sour offshore crude that has executed multi-billion-dollar pre-salt development programs and operates in a state-partnered regulatory environment.
- Lukoil: 5% shareholder in TCO and one of the largest privately held international oil companies, with significant Caspian-region upstream and downstream operations. Comparable to TCO's other shareholders as a broad international incumbent with JV exposure in the Caspian basin.
- Saudi Aramco: World's largest integrated oil producer with multi-million-bpd conventional output, significant spare capacity, and state-aligned capital allocation. Comparable to TCO at the asset-class level as a giant, low-decline conventional producer with associated gas monetization and major expansion project experience.
- Shell plc: Global integrated major with comparable exposure to JV-operated upstream assets (Kashagan via partner, Pearl GTL, Prelude FLNG). Comparable to TCO's shareholder base as a broad incumbent with significant experience in capital-intensive, technologically complex upstream projects.
Direct peers
- KazMunayGas (KMG): Kazakhstan's national oil and gas company, 20% partner in TCO and operator of most other domestic E&P, midstream, and refining assets. KMG is directly comparable as the incumbent national operator in the same upstream basin and as the buyer of TCO's dry gas and LPG through QazaqGaz and KMG PetroChem.
- North Caspian Operating Company (NCOC): Operator of the Kashagan offshore field in the Caspian Sea under a consortium of international majors (Eni, Shell, TotalEnergies, ExxonMobil, CNPC, KMG, Inpex). NCOC is comparable to TCO as another large Kazakhstan/Caspian JV operating a technically challenging field with shared export infrastructure and JV governance.
- Karachaganak Petroleum Operating (KPO): KPO operates the Karachaganak oil and gas condensate field in northwest Kazakhstan under a similarly structured international consortium (Eni, Shell, Chevron, Lukoil, KMG). It is the closest direct peer to TCO, sharing the same host country, JV governance model, Caspian-region export logistics, and gas/condensate sales into the domestic market.
Others
- Caspian Pipeline Consortium (CPC): Operates the main crude oil export pipeline from Western Kazakhstan to the Black Sea, used by TCO and other Kazakhstan producers. CPC is an essential infrastructure enabler and value-chain peer rather than a competitor, but its throughput economics and tariff structure directly affect TCO's netbacks.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Tengizchevroil social profiles
Digital presenceTengizchevroil financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tengizchevroil leadership team
Management profileNumber of profiles
Profiles4 records
Tengizchevroil funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tengizchevroil M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tengizchevroil
What does Tengizchevroil do?
Tengizchevroil explores, develops, produces, and markets crude oil, natural gas (dry gas), liquefied petroleum gas (LPG), and sulfur from the Tengiz field in Kazakhstan — one of the world's largest oilfields with peak production capacity of approximately 1 million barrels per day following the $48 billion Future Growth Project expansion. Crude oil is exported via the Caspian Pipeline Consortium (CPC) to international markets, while dry gas is supplied to the domestic Kazakhstan market through QazaqGaz and KMG PetroChem.
Is Tengizchevroil a public or private company?
Tengizchevroil is a private company. It is classified as corporate owned and is currently operating.
When was Tengizchevroil founded?
Tengizchevroil was founded in 1993. It employs 5,001 to 10,000 people.
Where is Tengizchevroil based?
Tengizchevroil is headquartered in Atyrau, Kazakhstan, in the Asia region.
How does Tengizchevroil make money?
Three revenue lines are on record. Crude Oil Production and Export is the primary driver. The others are natural Gas Sales to Domestic Market and liquefied Petroleum Gas (LPG) Sales.
Who are Tengizchevroil's main competitors?
Broad incumbents on record are Chevron Corporation, ExxonMobil, Petrobras, Lukoil, Saudi Aramco and Shell plc. Direct peers are KazMunayGas (KMG), North Caspian Operating Company (NCOC) and Karachaganak Petroleum Operating (KPO). Caspian Pipeline Consortium (CPC) is listed as an others.
Does Tengizchevroil have an API?
No public API is recorded for Tengizchevroil.
What industry is Tengizchevroil in?
Tengizchevroil's product category is Upstream Oil and Gas Production. Its primary akta.pro industry code is EUALAAAF, Production Operations & Well Optimization (Artificial Lift, Flow Assurance), with a secondary code of EUAAAAAA, Conventional Natural Gas Exploration & Production (Dry Gas). Its NAICS code is 211120 and its SIC code is 1311.