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Central Asian giant faces multiple headwinds

Surging Covid cases are not the only challenges facing Kazakhstan’s largest oil and gas developments

Kazakhstan’s oil and gas industry faces fresh strains, with a sharp rise in Covid-19 cases affecting its largest oilfield development, the Chevron-led Tengiz. And IOC partners in its three major schemes—Tengiz, Kashagan and Karachaganak—appear disinclined to pump in more investment in the context of stronger calls on their capex elsewhere in their portfolios. The Covid problem facing Tengiz is not new. Production was disrupted earlier in 2020 after outbreaks at worker camps. But the infection rates have spiked sharply upwards at the end of the year and going into 2021, presenting another challenge to the government in Nursultan. Tengizchevroil (TCO), operator of Tengiz, was ordered by the r

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