Chevron has announced a $36.8 billion expansion of the Tengiz oil project in Kazakhstan.
The U.S. oil giant said in a July 5 statement that the expansion will increase crude production by 260,000 barrels a day to reach about 1 million barrels a day.
The first oil from the expanded project is planned for 2022.
Chevron holds 50 percent of Tengizchevroil, the venture that operates the project. Its partners in the project are Exxon, KazmunaiGaz, and Lukoil.
The venture will finance a “significant part” of the expansion from its cash flow, Kazakh Energy Minister Kanat Bozumbaev said, according to his press service.
The Tengiz expansion comes after oil explorers around the world slashed more than $1 trillion in investments as oil prices dropped to a 12-year low in January.
Chevron Announces Expansion Of Kazakh Oil Project