The Tengizchevroil oil and gas refinery plant at the Tengiz oilfield
Kazakhstan’s Tengiz growth tests OPEC+ limits
The oilfield expansion provides a fresh influx of revenue but will strain its cooperation with OPEC+ and fails to mask deeper issues with the economy and investors
Chevron and its partners completed a $48.5b expansion at Kazakhstan’s largest oilfield, Tengiz, in late January—three years later than planned and nearly a third over budget. With the project already driving national oil and gas condensate above 2m b/d in January, and crude itself set to test OPEC+ quota limits once again, Kazakhstan must decide whether it will return to flouting its agreement to an even greater degree or renegotiate its deal. The most likely course is for the Central Asian producer to remain part of the group to support diplomatic ties with its leading members and find a compromise. Meanwhile, the influx of revenue from the expansion offers relief for the government’s strai
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
