Chevron-led Kazakh oil firm hits record output in 2013

|About: Chevron Corporation (CVX)|By:, SA News Editor

Output from the Chevron-led (CVX) consortium at Kazakhstan's huge Tengiz oil field rose to a record 27.1M metric tons last year from 24.2M in 2012.

CVX holds a 50% in the group, Exxon (XOM) owns 25%, Kazakh state oil company KazMunaiGas 20% and Lukoil (LUKOY, LUKOF) the remaining 5%.

Results from Tengiz are far more encouraging than the country's Kashagan field, the world's biggest oil find in decades, which was launched in September but halted in October after leaks were detected in a gas pipeline running from the deposit.