Chevron Corp. may shortly give a green light to the most expensive oil project in the world this year as the industry digs out from the worst slump in a generation.

The company said this week in a presentation on its website that the decision on expanding the Tengiz development in Kazakhstan will be made in mid-2016. Installing 4,500 camp beds for construction crews is done and port dredging 25 percent complete, it said. The project may cost as much as $40 billion and add crude supply equivalent to that of Libya. The investment was put on hold last year after cost estimates ballooned amid plunging oil prices.

In a May interview, Kazakh Energy Minister Kanat Bozumbayev predicted a late-June approval and estimated the cost at $36 billion to $37 billion. Wood Mackenzie Ltd. said it could reach $40 billion. Chevron spokesman Kurt Glaubitz declined to comment on the pace of the Chevron board’s deliberations or the projected price tag.

http://fuelfix.com/blog/2016/07/01/will-chevron-make-a-40-billion-bet-on-new-project/

Lucky its only 4500 beds because their got no idea with 5000

on a project with hype of "be part of something big " Yeh a BIG F**kup

It takes mths to get back to work after a medical clearance

Chevron Approves Tengiz Expansion Project

Chevron Corp. says its 50% owned affiliate, Tengizchevroil (TCO), will proceed with the development of its Future Growth and Wellhead Pressure Management Project (FGP-WPMP), which will increase crude oil production at the Tengiz oil field in Kazakhstan by about 260,000 b/d.

"The Future Growth and Wellhead Pressure Management Project represents an excellent opportunity for the company," said Chevron Chairman and Chief Executive Officer John Watson. "The project builds on a record of strong performance at Tengiz and will add value for Chevron and its stockholders."

http://oilpro.com/post/25616/chevron-approves-tengiz-expansion-project?utm_source=DailyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-07-05&utm_content=Article_6_txt