Yes! Another Post On Chevron And Kazakhstan -- December 12, 2018

The Tengiz in Kazakhstan is linked at the sidebar.

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

I'm posting this again because it provides more data points regarding Kazakhstan. Data points from oilprice:

• 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