Chevron expects Kazakhstan's Tengiz oil field, one of the largest of its kind in the world, to produce 1 million barrels of oil equivalent per day.

The energy giant is spending nearly $50 billion to expand the Tengiz oil field, allowing it to pump one million barrels a day.

Chevron (NYSE:CVX) said Friday it achieved first oil from newly built production and processing facilities at Kazakhstan's huge Tengiz oil field, completing a $48B expansion that will bring its production to ~1% of global crude supply.

Chevron Corp. said Friday it completed an expansion at Kazakhstan’s huge Tengiz oil field, which is expected to pump 1 million barrels a day by the middle of this year.

Oil production in Kazakhstan reached a daily record high of 278,499 metric tons on Sunday just after it embarked on an expansion of its largest oilfield, Chevron-led Tengiz, according to official data.

Chevron Corporation (NYSE: CVX) announced today that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has started oil production at its Future Growth Project (FGP) located at the Tengiz oil field in Kazakhstan.

Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield which will bring its output to around 1% of global crude supply.

Chevron said on Friday that it has started producing oil from an expansion at Kazakhstan’s Tengiz oilfield, which could help lift the project’s total output to 1 million barrels per day at full capacity.