Chevron has successfully completed an expansion at its Tengiz oil field in Kazakhstan, aiming to increase production to around one million barrels a day, which is significant given it represents almost 1% of global oil supplies. Chevron remains committed to oil investments, dismissing fears of a decline in oil demand due to the rise in electric vehicles. The expansion will enhance Tengiz's already substantial output, which has been ongoing for 30 years, and is projected to yield considerable future cash flow for both Chevron and the Kazakh government.
Chevron has completed an expansion at its Tengiz oil field in Kazakhstan aimed at increasing production to around one million barrels a day, close to 1% of global supplies.
Chevron is investing in oil production despite concerns about demand decline due to a shift towards electric vehicles and cleaner energy, claiming that global oil demand will continue to grow.
The Tengiz oil field is projected to continue producing for decades, with an expected cash flow of $4 billion in 2025 and $5 billion in 2026, assuming oil prices of $60 per barrel.
The Tengizchevroil joint venture, crucial for Chevron and Kazakhstan, has pressured Kazakhstan to curb output, while also significantly contributing to the government’s revenues.
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