Rising costs test Chevron's patience levels at Tengiz
Chevron is facing a significant uptick in spending at Kazakhstan’s Tengiz oilfield, challenging its renewed commitment to capital discipline
Chevron—leader of the consortium developing the future growth project and wellhead pressure management project (FGP/WPMP) at the Tengiz field—warned in November that cost overruns would increase capex costs by 25pc to an eye-watering $45.2bn. The firm cites as costs drivers a one-year delay and higher construction and equipment costs. Higher material requirements than originally envisaged is blamed for more than half of the increase in construction costs. Having shed a number of high-profile assets in recent months—including selling its minority stake in neighbouring Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oilfield to Hungary’s Mol—the prospect of fresh spending commitments at Tengiz is t
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
