This is supposely one of the wildest bet in the oil future. A project etimated between $36-37B (just $1B difference) to expand the Tengiz development in Kazakhstan for an adiditional 250,000 to 300,000 barrels a day.
Will Chevron make this bullish bet that oil demand will continue to grow through the next decade and beyond?
If so, the Tengiz expansion probably will begin pumping barrels in 2021 or 2022.
Background: Discovered in 1979, Tengiz was too technically challenging for Soviet engineers to develop. A blowout in a well called T-37 in June 1985 blazed for more than 400 days before it was extinguished by U.S. well-control experts, according to a history of the field published by Tengizchevroil.