Tengizchevroil (TCO), Chevron's 50%-owned venture, temporarily suspended oil production on Monday. The halt affects the major Tengiz and Korolev fields in Kazakhstan. TCO attributed the suspension to a reported fire and subsequent issues with power distribution systems.
The Tengiz field is a critical asset for Chevron. It represents a significant portion of the company's global production. The venture has not yet detailed the duration of the suspension or the potential impact on production volumes.