Chevron CEO Names Tengiz Contract Extension a Top Priority

Renewing the stabilized contract for the development of Kazakhstan’s Tengiz field is among Chevron’s main priorities, Chair of the Board Mike Wirth said in an interview with Bloomberg columnist Javier Blas, Orda.kz reports.

Blas noted that Chevron’s performance had until recently failed to impress investors, but under Wirth’s leadership the company is regaining momentum — thanks in large part to Kazakh oil.

The first achievement Wirth highlighted was the Tengiz expansion, even before mentioning Chevron’s $60 billion lawsuit victory with ExxonMobil.

Chevron posted record oil production between April and June 2025, supported by Tengiz. Over the past year, its shares have gained 13%, the best result among major oil companies.

Profits from Tengiz and other fields have allowed Chevron to move from heavy investment toward a low-cost, accrual model. While in the early 2010s the corporation earned an average of $3.9 billion annually with oil prices near $100 per barrel, last year, with $80 oil, profits reached $15 billion.

In the interview, Wirth stressed that extending the Tengiz contract, which expires in 2033, is one of Chevron’s top three priorities:

We have eight years ahead of us. We've begun working with the Kazakh government, negotiating a contract extension. This is something I'd like to complete as CEO — I don't want to leave and leave this task to someone else, Wirth said.

Analysts call Tengiz Chevron’s main competitive advantage.

The negotiations come after President Toqayev announced earlier this year that agreements with oil majors may need to be revised to secure better terms for Kazakhstan.

Some experts have even suggested that the government not renew Chevron’s contract.

Original Author: Nikita Drobny