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Chevron, Exxon back US$39bn Kazakh investment

Chevron and Exxon Tuesday are backing a US$38.5bn plan to expand the massive Tengiz Field in Kazakhstan.

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A sparkling investment by the US oil majors.

Do the majors think the latest oil crisis is done and dusted?

Well, judging from the massive investment signed off by two America’s biggest beasts, the answer is a resounding ‘yes’.

For Chevron (NYSE:CVX) and Exxon (NYSE:XOM) Tuesday are backing a US$38.5bn plan to expand the massive Tengiz Field in Kazakhstan.

The dynamic duo, who between them own 75% of the operation, are part of a consortium that includes the state-owned KazMunayGaz and Russia’s Lukoil.

"Today we are witnessing an historic event not just for the oil and gas sector but for the whole country," Kazakh Energy Minister Kanat Bozumbayev is quoted by Reuters as saying.  

Tengiz is classified as a ‘super-giant’ discovery which at peak production is expected to churn out somewhere in the region of 1mln barrels of crude a day.

According to the Wall Street Journal, Tengiz is one of the most profitable fields in the history of the modern oil era.

Citing analysts it said reckons the field has brought Chevron, which owns 50%, more than $70bn in revenue and $40 billion in profits since 1993.

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