Market Chatter: ExxonMobil Expects Kazakh Tengiz Field to Reach Peak Production Next Year

MT Newswires Live08-20 19:22

ExxonMobil (XOM) warned that Kazakhstan's Tengiz oil field is nearing peak production and that output will fall sharply over the coming decade, Bloomberg reported Thursday, citing a company presentation.

The company estimated Tengiz production to plateau in 2027 before declining to about 500,000 barrels per day by 2035, according to the presentation made to authorities in Astana.

ExxonMobil's production estimates were based on the assumption that no large investments would be made to boost output, the report said, citing unnamed sources.

ExxonMobil did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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