On 5 July, Chevron and partners took FID on the next expansion phase at the supergiant Tengiz oil field (Kazakhstan). With capital costs of US$36.8 billion and incremental production capacity of 260,000 b/d, this is one of the largest global investment decisions of the past decade. It is also the most expensive project to be sanctioned in 2016 to date. Project economics are challenging but Tengiz remains a key asset in Chevron's portfolio. This FID underlines the strategic importance of this high-cost and complex expansion.