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
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
