Chevron Kazakhstan launches production at Tengiz

On April 25, Chevron started its first production at Tengiz oilfield expansion project in Kazakhstan, Kazinform News Agency reports.

According to oilprice.com, the first half of 2025 is scheduled for completion of the final stage of the expansion. That will contribute to increasing of crude oil output by 260,000 barrels per day, or by 12 million tons per year.

“This is a significant step towards completion of the Future Growth Project (FGP). It is also important progress for the modernization of the existing base business at Tengiz and demonstrates TCO’s commitment to safely and reliably manage operations, while maximizing the ultimate recovery of resources critical to global energy security,” emphasized Clay Neff, President of Chevron International Exploration and Production.

Exxon Mobil holds 25% stakes in the Tengiz joint venture and 20% are owned by Kazakh state-owned KazMunayGas. In addition, announcement about Chevron’s expansion coincides with Kazakhstan’s obligation to compensate the excess of oil production in the first quarter of this year under quota responsibilities for OPEC+.

“Detailed plan for the gradual compensation of overproduction” has been mapped out by the Energy Ministry of Kazakhstan and production plans to be at about 1.468 million bpd by the end of this June.