Kazakhstan seeks to raise Tengiz stake to 35% in contract talks, Bloomberg reports
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Kazakhstan is ready to extend the Tengiz oilfield agreement beyond 2033 but demands a $10 billion one-time payment and an increase of its stake from 20% to 35%, Bloomberg reports citing sources. Negotiations with operator Tengizchevroil are at an early stage.
Key Facts
- Kazakhstan demands a $10 billion one-time payment and an increase of its stake in Tengiz from 20% to 35% as conditions for extending the agreement beyond 2033.
- The current Tengiz contract with operator Tengizchevroil expires in 2033.
- Chevron holds 50% of Tengizchevroil, ExxonMobil 25%, KazMunayGas 20%, and Lukoil 5%.
Contract Extension Demands
Kazakhstan is ready to extend the Tengiz oilfield agreement beyond 2033 but has set significant conditions for investors. The government seeks a one-time payment of $10 billion and an increase of its stake in the project from the current 20% to 35%. Negotiations with Tengizchevroil are at an early stage, according to Bloomberg sources.
Tengizchevroil Ownership
Tengiz is one of Kazakhstan's largest oil and gas assets. Chevron is the largest shareholder of Tengizchevroil with 50%, followed by ExxonMobil with 25%. KazMunayGas holds 20% and Lukoil holds 5%.
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