Chevron's Future Growth Project at Tengiz Field Starts Oil Production

Core Viewpoint - Chevron Corporation has commenced oil production at the Future Growth Project (FGP) in the Tengiz oil field, marking a significant milestone in the global energy sector and enhancing Kazakhstan's role in the oil market [1][13]. Overview of the Tengiz Oil Field & its Significance - The Tengiz oil field is one of the largest and deepest-producing supergiant oil fields globally, recognized for its massive production potential [2]. - Chevron operates the field through a joint venture, Tengizchevroil LLP, in partnership with Kazakhstan's KazMunayGas, ExxonMobil, and Lukoil, highlighting its strategic importance in meeting global oil demand [2]. Future Growth Project: Expansion of Capacity & Increased Production - The FGP is the third processing plant at the Tengiz field, designed to significantly boost oil production capacity [3]. - The project aims to add 260,000 barrels per day to the field's output, reaching a total of 1 million barrels of oil equivalent per day once fully operational [4][3]. Technological Innovations & Infrastructure Enhancements - The FGP expansion incorporates advanced technologies and infrastructure improvements, including the Wellhead Pressure Management Project (WPMP) completed in 2024, which optimized processing capabilities [5]. - Upgrades include five Frame 9 gas turbine generators and four large compression trains to enhance power supply reliability and pumping capacity [5][6]. CVX's Commitment to Kazakhstan & Local Workforce - Chevron's partnership with Kazakhstan has driven operational success and economic benefits, emphasizing local workforce development and training [7][8]. - The completion of the FGP is seen as a culmination of a multi-year effort to enhance the Tengiz field's capacity [7]. CVX's Strategic Vision for the Future - Chevron's involvement in the Tengiz field aligns with its broader strategy to increase free cash flow and deliver shareholder value, with the FGP marking a significant milestone in this effort [10][11]. - The company aims to leverage advanced technologies to maximize production efficiency and environmental sustainability [10]. Tengizchevroil LLP: A Global Leader in Energy Partnerships - Tengizchevroil LLP is a major energy partnership with CVX holding a 50% stake, alongside ExxonMobil, KazMunayGas, and Lukoil, transforming the Tengiz field into a global oil production powerhouse [12].