Kazakh Energy Minister Says Chevron-led Consortium to Invest Up To $37 Billion in Oil Field
May 25 2016 - 5:23AM
Dow Jones News
By Simon Clark and Selina Williams
ASTANA, Kazakhstan--A Chevron Corp-led consortium is set to
invest up to $37 billion to increase output at its core Tengiz oil
field in Kazakhstan, the country's energy minister Kanat Bozumbayev
said in an interview Wednesday.
The investment represents one of the first big commitments by a
large oil company to spend on new crude production following a
two-year-long slump in oil prices that has crushed revenue and
profit and forced companies to rein in investments.
The Tengiz oil field is one of the world's biggest oil fields
and a key source for Chevron's growth in crude output in the next
few years.
Chevron wasn't immediately available for comment.
Write to Simon Clark at simon.clark@wsj.com and Selina Williams
at selina.williams@wsj.com
(END) Dow Jones Newswires
May 25, 2016 05:08 ET (09:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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