exploration & production in eurasia
Chevron is at the forefront of energy development in Eurasia, a region rich in oil and natural gas and linked to world markets by major pipelines.
We are Kazakhstan’s largest private oil producer, holding important stakes in two of the nation’s biggest oil-producing fields – Tengiz and Karachaganak. In addition, Chevron is a non-operator with a minority 15 percent shareholder interest in the Caspian Pipeline Consortium (CPC).
expanding our footprint
Our involvement in the region began in 1993, when we signed an agreement with the Republic of Kazakhstan that established the joint-venture company Tengizchevroil. Under this agreement, we have developed the Tengiz Field, the world’s deepest supergiant oil field, and the nearby Korolev Field. Since then, we have increased production 27-fold at Tengiz. The field’s crude oil production capacity grew by about 80 percent after we completed the Sour Gas Injection Project and the Second Generation Plant in 2008.
We made a second leap forward in Kazakhstan in 1996, when we became part of a consortium to begin development of the Karachaganak Field, one of the world’s largest gas and condensate fields. With our partners, we applied industry-leading technology to tap into one of the world’s most complex reservoirs.
delivering products to market
Chevron also holds a minority 15 percent shareholder interest in the Caspian Pipeline Consortium (CPC). The Caspian Pipeline connects the Tengiz and Karachaganak fields to a CPC-dedicated export terminal at Novorossiysk. In 2011, we and our partners began a $5.4 billion project to expand the pipeline’s capacity by 670,000 barrels per day. Expansion work was completed in 2017, and in 2021, the pipeline transported an average of 1.4 million barrels of crude oil per day.
looking to the future
We’re building on our partnership with Kazakhstan by developing the Future Growth Project Wellhead Pressure Management Project (FGP-WPMP). Managed as a single integrated project, the FGP-WPMP is designed to further increase total production and maximize the ultimate recovery of resources from the Tengiz Field. Sanctioned in 2016, the FGP is expected to increase total daily crude oil production from Tengiz by approximately 260,000 barrels per day. The WPMP is designed to maintain production levels in existing plants as reservoir pressure declines.
For the latest figures, view the 2023 Supplement to the Annual Report.