ALMATY – Kazakhstan does not expect to incur losses on an annual basis despite the recent production halt at the Tengiz oil field, Energy Minister Yerlan Akkenzhenov said while commenting on the consequences of the incident during a Jan. 28 briefing.
First Deputy Prime Minister Roman Sklyar also held talks with Managing Director of Chevron’s Eurasia division Derek Magness on Jan. 29. The meeting was attended by Energy Minister Akkenzhenov and KazMunayGas Chairman Askhat Khassenov. Photo credit: Prime Minister’s press service.
According to the minister, current losses amount to about 900,000 tons of oil. However, he noted that calculating the financial impact is complex.
“Monetary damages can be assessed in different ways. The state’s calculation mechanism is complicated as it includes royalties, taxes, the country’s share and KazMunayGas’ share. Once repairs are fully completed and the total volume of losses is established, we will provide all the data,” Akkenzhenov said.
Production to be compensated
The minister added that he has already held meetings with the leadership of Chevron and Tengizchevroil (TCO), who have pledged to compensate for the shortfall in production.
“Overall, on an annual basis, we expect that Kazakhstan will not lose anything,” he said.
Separately, Kazakh Foreign Minister Yerzhan Kosherbayev met with Senior Vice President of ExxonMobil Peter Larden on Jan. 28 to discuss the company’s ongoing operations in Kazakhstan and prospects for expanding investment cooperation.
Kosherbayev highlighted ExxonMobil’s role as one of Kazakhstan’s key partners in the oil and gas sector, emphasizing the company’s contributions to strategic projects and energy market stability, as well as its participation in the Foreign Investors’ Council.
Larden, in turn, praised Kazakhstan’s efforts to improve the investment climate and create favorable conditions for foreign investors, expressing readiness to continue long-term cooperation aimed at the sustainable development of the country’s energy sector.
First Deputy Prime Minister Roman Sklyar also held talks with Managing Director of Chevron’s Eurasia division Derek Magness on Jan. 29. The meeting was attended by Energy Minister Akkenzhenov and KazMunayGas Chairman Askhat Khassenov.
The sides reviewed the prospects of bilateral cooperation in the oil and gas sector, with particular focus on the Tengiz project, described as a flagship of Kazakh–U.S. energy cooperation.
At the same time, Sklyar expressed concern over the recent incidents at the Tengiz field that led to the temporary production halt. Chevron management briefed the government on measures being taken to eliminate the consequences of the incidents and gradually restore oil output. The company also assured officials that it would take steps to prevent similar situations in the future and to ensure the safe and reliable operation of its facilities.
