09:33 AM EST, 02/07/2025 (MT Newswires) -- Chevron ( CVX ) is expediting the expansion of the Tengiz oilfield in Kazakhstan, which started in January, Reuters reported Friday, citing two sources familiar with the matter.

One of the sources told Reuters that the expansion's ramp up is likely to be completed by the end of February. According to the news outlet, a Chevron ( CVX ) official previously said the Tengiz expansion is expected to achieve full capacity by June.

Chevron ( CVX ) owns a 50% stake in the Tengizchevroil joint venture, which is developing the Tengiz field. Exxon Mobil ( XOM ) owns 25% while Kazakhstan-based KazMunayGas and Russia's Lukoil hold 20% and 5%, respectively in the joint venture, according to Reuters.

Chevron ( CVX ) and Tengizchevroil did not immediately respond to MT Newswires' requests for comments.

CVX shares were up 0.5% and XOM shares were edging 0.1% higher in early trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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