ExxonMobil projects a 40% drop in Tengiz oil production by 2035 but targets a $80 billion investment in Kazakhstan’s Kashagan field.
ExxonMobil expects production at Kazakhstan’s Tengiz oil field to peak next year and decline nearly 40% by 2035, dropping to around 500,000 barrels per day. The field, co-developed with Chevron, has been a key growth driver for both companies.
The decline comes as Exxon eyes a $80 billion investment in Kazakhstan’s Kashagan field, which could yield up to 600,000 bpd. However, disputes with the Kazakh government, including a $5 billion environmental fine and a $150 billion claim for lost revenue, have stalled progress.
Exxon and its partners refuse to commit further capital until the legal and financial conflicts are resolved, delaying potential output growth in the region.