The investment in the expansion of the field known as Tengiz—one of the world’s largest—comes on top of around $37 billion already spent by Chevron, the operator, and its partners: state-owned energy firm KazMunaiGas, Exxon and Russia’s Lukoil . LUKOY 1.41 % “This project builds on the successes of prior expansions at Tengiz and is ready to move forward,” said Jay Johnson, Chevron’s executive vice president in charge of upstream. “It has undergone extensive engineering and construction planning reviews and is well-timed to take advantage of lower costs of oil industry goods and services,” he said in a statement. The $36.8 billion includes $27.1 billion for facilities, $3.5 billion for wells and $6.2 billion for contingencies. It will take Tengiz production up to 1 million barrels of oil equivalent a day from around 800,000 […]