Chevron Corp. has decided to go ahead with the $36.8 billion expansion of the Tengiz oil project in Kazakhstan. The company and its partners will spend $27.1 billion on facilities, $3.5 billion on wells and $6.2 billion for contingency and escalation, it said it a statement on Tuesday. First oil from the expanded project is planned for 2022. Tengiz “has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services,” Jay Johnson, executive vice president for upstream at Chevron, said in the statement. The expansion will increase production of crude oil in the field by 260,000 barrels a day. The project’s total hydrocarbon output will rise to about 1 million barrels of oil equivalent per day, according to the statement. Exxon Mobil Corp. owns 25 percent of the venture, KazmunaiGaz National Co. 20 percent and Russia’s Lukoil […]