Chevron Deadline Nears for $40 Billion Bet on Next Decade’s Oil
- Kazakhstan expansion would add a Libya of new supply
- Tengiz is only major new project on Chevron’s 2016 agenda
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Chevron Corp. may shortly give a green light to the most expensive oil project in the world this year as the industry digs out from the worst slump in a generation.
The company said this week in a on its website that the decision on expanding the Tengiz development in Kazakhstan will be made in mid-2016. Installing 4,500 camp beds for construction crews is done and port dredging 25 percent complete, it said. The project may cost as much as $40 billion and add crude supply equivalent to that of Libya. The investment was put on hold last year after cost estimates ballooned amid plunging oil prices.