Chevron has completed an expansion at its Tengiz oil field in Kazakhstan to increase production to around one million barrels a day, nearing 1 percent of global supplies. Despite concerns about declining demand due to electric vehicles, Chevron remains confident in the growth of global oil demand. The $49 billion expansion project, involving partners like ExxonMobil and Lukoil, is crucial for Chevron’s financial performance and Kazakhstan’s government revenue, despite challenges such as hydrogen sulfide gas removal and geopolitical risks.
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