Tengiz Future Growth Project (Kazakhstan)
First oil at the third processing plant in January 2025. Output is ramping toward about 1 million boe/d at the field.
What it is
Chevron owns 50% of Tengizchevroil (TCO), which develops the Tengiz field in Kazakhstan. The Future Growth Project is the field's third processing plant, which adds sour-gas injection capacity and about 260,000 b/d of crude at full rate. ExxonMobil holds 25%, KazMunayGas 20% and Lukoil 5%.
Why it matters to the stock. Tengiz is a major international asset. The Q2 2026 release cites higher cash distributions from Tengizchevroil as one driver of cash flow.
News
Tengiz output falls by more than half after CPC stops taking Kazakh crude
The Caspian Pipeline Consortium stopped accepting Kazakh crude and suspended loadings at its Black Sea terminal after its storage filled, following drone attacks on tankers near the terminal.
Kazakhstan's Energy Ministry sets a 40 Mt 2026 output target for Tengizchevroil
Kazakhstan's Energy Ministry said Tengizchevroil plans to produce up to 40 million tonnes of oil in 2026, about 2.6% more than in 2025.