Exxon Eyes $80B Kashagan Growth as Kazakhstan Dispute Delays Funding
With Tengiz output set to peak and decline, Exxon looks to Kazakhstan’s Kashagan, targeting an $80B joint investment for the western field. It won’t fund added production there until a long-running dispute with the government is resolved. Separately, Exxon plans $100B of capex through 2030, building a 70-mile gas pipeline and pursuing growth to 5.5 million bpd by 2035, with a $30B project FID expected this year.