Caspian Oil (A): Tengiz
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Publication Date:
December 31, 2012
Source:
Thunderbird School of Global Management
The Tengiz Field in Kazakhstan was discovered by Soviet geologists in 1979 but largely ignored for years as the Soviets focused their oil development efforts elsewhere. When Chevron formed a joint venture with the Kazakh government in 1992, development of Tengiz started. By the spring of 2011, although producing 700,000 barrels of oil per day (bbls/d), Tengiz was yielding only half the oil expected. Chevron was under increasing pressure from its partners, including the Kazakh government, to bring the joint venture to its productive promise.
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Caspian Oil (A): Tengiz
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