Tengiz, Chevron (TCO)

The giant Tengiz field, operated by Tengizchevroil (Chevron 50%, concession to 2033), is targeting about 1 Mboe/d after the Future Growth Project came online in 2025 (Chevron, 10-K 2024). Most of its 2024 crude output was exported through the CPC pipeline to the Russian Black Sea port of Novorossiysk. More than 80% of Kazakhstan's oil exports move through this single route, concentrating the vulnerability on a corridor crossing Russia and a single marine terminal.