Kazakhstan's Tengiz Oilfield Production Halted for 7-10 Days, Impacting 600,000 Tons of Exports
Written by Emily J. Thompson, Senior Investment Analyst
Source: Newsfilter
- Production Impact: Kazakhstan's Tengiz oilfield has been shut down for 7-10 days due to power supply issues, significantly affecting crude exports via the Caspian Pipeline Consortium, with an estimated impact of around 600,000 tons.
- Fire Incident: A fire broke out on January 18 at the GTES-4 power station of the Tengiz oilfield, leading to the suspension of production at both Tengiz and Korolevskoye fields, although TCO has not specified the cause of the fire or when production will resume.
- Increased Output from Other Fields: Despite the drop in Tengiz output, other fields like Kashagan and Karachaganak have ramped up production rapidly, with Kashagan averaging 197,000 barrels per day from January 1-19, reflecting a 28% increase from the first 12 days of the month.
- Export Diversification: Due to infrastructure damage, some Kazakh crude is being redirected to the Baku-Tbilisi-Ceyhan pipeline and to Germany via the Druzhba pipeline, indicating a strategic response to maintain export levels amidst disruptions.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 176.95 USD with a low forecast of 158.00 USD and a high forecast of 206.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 166.260
Low
158.00
Averages
176.95
High
206.00
Current: 166.260
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
