Tengizchevroil is a joint venture between Chevron

Chevron Corporation

Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...

 (50 % share in the consortium), ExxonMobil

ExxonMobil

Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...

 (25 % share), KazMunayGas

KazMunayGas

KazMunayGas is the state-owned oil and gas company of Kazakhstan. It was founded in 2002 by merging Kazakhoil and Oil and Gas Transportation.-Subsidiaries:Main subsidiaries of KazMunayGas are:...

 (20 % share) and LukArco

LukArco

LukArco B.V. is a subsidiary of the Russian oil company Lukoil. It was formed in February 1997 as a joint venture between Lukoil and the former American oil company ARCO....

 (5 % share). The joint venture was formed in April 1993, when the Kazakh government granted an exclusive 40-year right to Tengizchevroil (TCO) to develop the Tengiz

Tengiz Field

Tengiz field is an oil and gas field located in northwestern Kazakhstan's low-lying wetlands along the northeast shores of the Caspian Sea...

 and Korolevskoye oil field

Oil field

An oil field is a region with an abundance of oil wells extracting petroleum from below ground. Because the oil reservoirs typically extend over a large area, possibly several hundred kilometres across, full exploitation entails multiple wells scattered across the area...

s located in the north-eastern reaches of the Caspian Sea

Caspian Sea

The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the world's largest lake or a full-fledged sea. The sea has a surface area of and a volume of...

 in Kazakhstan

Kazakhstan

Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...

.

From a two-company joint venture in 1993 (between Kazakh state oil company Kazakhoil, now KazMunayGas, and the US company Chevron) Tengizchevroil expanded in 1996-97 into a four company consortium: ExxonMobil Kazakhstan Ventures, an ExxonMobil subsidiary, and LukArco, a joint venture between Lukoil

LUKoil

Lukoil/LUKoil ; ) is Russia's second largest oil company and its second largest producer of oil. In 2009, the company produced 97.615 million tons of oil; ....

 of Russia and Atlantic Richfield (Arco) of the USA, acquired 25 % and 5% respectively. Since 2000 has also the British BP

BP

BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...

a part in it, since BP merged with Arco and took its share in LukArco.

External links

http://www.tengizchevroil.kz/

• ‘When there’s a challenge, we face it head on’ - Interview by Alexander Cornelius, CEO of TengizChevroil, by United World. 27 April 2006