Chevron joint venture authorizes $37B investment in Kazakhstan

July 5, 2016 1:06 PM

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A joint venture controlled by American oil giants Chevron and Exxon said Tuesday that it would invest nearly $37 billion to boost oil output in a Kazakhstan oil field.

Tengizchevroil, which is 50%-owned by Chevron and 25%-owned by Exxon, said the investment will bolster production in the Tengiz oil field by 260,000 barrels per day. "First oil" is expected in 2022, Chevron said in a statement.

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