CVX starts oil production at the Tengiz Future Growth Project, boosting daily output by 260,000 barrels and enhancing its position in the global energy market.

Tengizchevroil, a 50%-owned affiliate of oil producer Chevron, has commenced crude oil production from the third-generation plant (3GP) at its Future Growth Project (FGP) within the Tengiz oilfield in Kazakhstan.

The energy giant is spending nearly $50 billion to expand the Tengiz oil field, allowing it to pump one million barrels a day.

Chevron Corporation (NYSE: CVX) announced today that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has started oil production at its Future Growth Project (FGP) located at the Tengiz oil field in Kazakhstan.

Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield which will bring its output to around 1% of global crude supply.

Chevron said on Friday that it has started producing oil from an expansion at Kazakhstan’s Tengiz oilfield, which could help lift the project’s total output to 1 million barrels per day at full capacity.

Chevron (NYSE:CVX) said Friday it achieved first oil from newly built production and processing facilities at Kazakhstan's huge Tengiz oil field, completing a $48B expansion that will bring its production to ~1% of global crude supply.