Chevron announced that its 50% owned affiliate Tengizchevroil has commenced operations at its Wellhead Pressure Management Project at the Tengiz oil field in Kazakhstan, The final phase of TCO's expansion project, is on track to conclude in 1H 2025
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Chevron's 50% owned affiliate Tengizchevroil has started operations at its Wellhead Pressure Management Project in the Tengiz oil field, Kazakhstan. This marks the final phase of the expansion project, set to conclude in the first half of 2025, and will increase Tengiz crude oil production by 12 million tons per year (260,000 barrels a day).
April 25, 2024 | 9:33 am
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Chevron's affiliate Tengizchevroil has initiated the final phase of its expansion project in Kazakhstan, promising a significant increase in crude oil production by 2025.
The commencement of operations at the Wellhead Pressure Management Project by Chevron's affiliate is a significant development, indicating progress in Chevron's strategic investments in oil production capacity. This expansion is expected to substantially increase crude oil output, which could lead to increased revenues and potentially positive impacts on Chevron's stock price in the short term. The project's completion timeline and its scale underscore its importance to Chevron's portfolio.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90