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Astana has opened negotiations with Chevron to extend the Tengiz oil field agreement beyond its 2033 expiry — a move with major implications for Kazakhstan’s export earnings, budget revenues and long‑term production stability.

This was reported by the Infohub.kz news agency.

Talks begin as 2033 deadline nears

The New York Times reported on January 3, 2026, that Kazakhstan’s government and Chevron have started discussing terms to continue the long-standing, stabilized contract at Tengiz beyond 2033. The current agreement ends in 2033, prompting early talks to secure continuity at the country’s flagship oil asset.

Why Tengiz matters to the economy

Tengiz is one of Kazakhstan’s most important economic drivers through the Tengizchevroil joint venture, a major taxpayer and exporter. NYT estimates suggest the project could deliver about $4 billion in income to Chevron in 2025, after supplying roughly 13% of the company’s total production in 2024. The field’s recoverable resources are widely estimated at around 25 billion barrels. Although the expansion program has run about $11 billion over initial plans, it has boosted the site’s production potential.

Logistics and market risks

External factors remain a key consideration. In late November 2025, shipments via the Caspian Pipeline Consortium (CPC) terminal were temporarily halted, disrupting Kazakhstan’s oil exports and underscoring Tengiz’s exposure to logistics bottlenecks. Ongoing OPEC+ quota discussions also shape national output levels, which could influence any extension’s practical execution.

Expert view

Kate Mallinson of Prism Strategic Intelligence characterizes the Chevron–Tengiz partnership as both symbolic and strategically important for Kazakhstan. Matthew Sagers of S&P Global Commodity Insights says the contract terms will directly affect a critical segment of the economy. NYT sources caution that replacing Chevron’s experienced managers and technical specialists would be difficult if the company exited.

What’s next

Officials in Astana and Chevron are expected to refine extension parameters in the months ahead. The outcome will guide investment planning, safeguard production stability and shape the country’s budget outlook well past 2033.