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CVX Chevron Corporation

160.40
-0.33 (-0.21%)
04 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Chevron Corporation NYSE:CVX NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -0.33 -0.21% 160.40 160.66 157.04 160.58 11,780,661 01:00:00

Kazakh Energy Minister Says Chevron-led Consortium to Invest Up To $37 Billion in Oil Field

25/05/2016 10:23am

Dow Jones News


Chevron (NYSE:CVX)
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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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