03:01 PM EDT, 03/14/2024 (MT Newswires) -- Chevron's ( CVX ) cost for increasing oil production at Kazakhstan's Tengiz field has increased by about $1.5 billion, Bloomberg News reported Thursday, citing people familiar with the matter.

Expansion of Tengizchevroil venture will now cost a total of $48.5 billion ahead of the initial budget of $37 billion, the unnamed sources reportedly said.

Full startup for the venture, which was originally planned for mid-2022, is expected in Q2 2025, according to the report.

A Chevron ( CVX ) spokesperson told MT Newswires that the cost and schedule for the Future Growth Project-Wellhead Pressure Management project remain unchanged from the ranges it provided in its recent earnings calls.

"We forecast that WPMP, which is the field conversion from high pressure to low pressure, will begin start-up in the first half of 2024. FGP is expected to start up in the first half of 2025 and ramp up to full production within three months,"

"As we stated during our October 2023 earnings call and reaffirmed during our January 2024 earnings call, total project cost is expected to increase between 3% to 5%," the spokesperson added.

(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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