Two recent posts on this subject:
- Chevron's short-cycle story, December 11, 2018
- Chevron, first of the majors to report 2019 CAPEX, December 10, 2018
- Chevron, 2019 CAPEX; first annual increase since the 2014 oil price crash
- most of Chevron's investment geared toward short-cycle projects (i.e., shale)
- Tengiz field, western Kazakhstan steppe: Chevron to invest $4.3 billion in 2019 in the Future Growth Project
- Chevron "holds 50% in the operator of the Tengiz field, Tengizchevroil (TCO)
- other shareholders:
- Kazakhstan's state-held energy firm KazManayGas, 20%
- ExxonMobil Kazakhstan, 25%
- LukArco, 5%
- the numbers are a little hard to figure out, but eventually, the field should produce one million boepd (compare to Bakken currently producing 1.3 million bbls crude oil per day)
- Tengiz expansion
- ultimate total cost estimate: $36.8 billion
- Tengiz: deepest producing supergiant oil field
- Tengiz: largest single-trap producing reservoir in existence
- 2018: $3.7 billion
- for Chevron: two pillars for CAPEX spending
- US shale
- Tengiz, Kazakhstan field expansion
- for the Permian, in contrast: $3.6 billion
- for other US shale plays: $1.6 billion
- total 2019 CAPEX: $5.2 billion vs $4.3 billion in 2018
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