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.

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

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.

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 FGP aims to increase the oilfield's annual output of crude oil by 12 million tonnes (mt).

Kazakhstan, one of the world's 10 biggest oil producers, increased pressure on international companies operating in the country on Tuesday, calling for improved contract terms.

Kazakhstan's oil production reached a record high of 2 million barrels per day following the start-up of Chevron's expansion project at the Tengiz oilfield.

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 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.