ExxonMobil Warns Tengiz Oil Field in Kazakhstan Will Peak, But Sees Growth Opportunities Elsewhere
ExxonMobil has informed Kazakhstan that the country's largest oil field, Tengiz, will reach its production peak next year and begin to decline. Output is expected to drop nearly 40% by 2035 to around 500,000 barrels per day (bpd). While this development could impact Chevron — which holds a 50% stake in the Tengizchevroil partnership — ExxonMobil does not view it as a crisis due to other growth opportunities. Exxon sees potential for significant expansion at Kashagan, another major oil field in Kazakhstan. A proposed $80 billion investment could boost production there up to 600,000 bpd; however, the project is currently stalled by disputes with the Kazakh government over unpaid fines and alleged lost revenue claims. Beyond Kazakhstan, ExxonMobil plans a $100 billion capital spending program through 2030. This includes doubling production in the Permian Basin to about 2.5 million bpd by 2030, as well as advancing LNG projects in Mozambique and Papua New Guinea.
Topics: Chevron ExxonMobil Kazakhstan oil production Tengiz field