Chevron Expects 1 Million Barrels of Oil Equivalent Per Day from Kazakhstan's Tengiz Field
U.S. energy giant Chevron (CVX) anticipates extracting approximately 1 million barrels of oil equivalent per day from Kazakhstan's Tengiz oil field, one of the largest globally. This projection follows Tengizchevroil LLP, a 50%-owned affiliate of Chevron, commencing oil production from an expansion project at Tengiz.
Upon reaching full capacity, the expansion is expected to increase crude output by 260,000 barrels per day. Chevron estimates the 1 million-barrel milestone will be achieved later this year.
Kazakhstan's Oil Production and OPEC+
Kazakhstan is a member of OPEC+, a group of oil-producing countries that collaborate with OPEC to regulate oil supply and prices. Despite President Trump's demands for increased oil production to lower prices, Chevron remains optimistic about its revenue even with potential price declines.
Exxon Downplays Surge in LNG Exports
In contrast, an Exxon (XOM) executive has expressed skepticism regarding a sudden surge in liquefied natural gas (LNG) exports. Despite Trump's efforts to stimulate the energy sector, Philippe Ducom, Exxon Mobil Europe president, emphasizes the limited supply and reluctance of European countries to enter long-term deals.
Key Points
* Chevron anticipates 1 million barrels of oil equivalent per day from Kazakhstan's Tengiz oil field.
* Tengizchevroil LLP's expansion project will boost crude output by 260,000 barrels per day at full capacity.
* Exxon downplays expectations for a sudden surge in LNG exports due to limited supply and cautious commitments from European countries.