The Chevron-led Tengizchevroil (TCO) expansion in Kazakhstan will cost up to US$46.5 billion – about 25% more than its US$36.8 billion budget at FID in 2016. The onshore project – known as Future Growth Project and Wellhead Pressure Management Project (FGP-WPMP) – also has a revised schedule, with FGP delayed to 2023, following WPMP start-up in late 2022. This news is an immense disappointment to Chevron and its partners. It comes despite the global industry’s improved execution performance since 2014. Chevron had intended FGP-WPMP to boost its project delivery reputation, after past challenges with Australian LNG and other assets. For Kazakhstan, this is another bitter pill to swallow. It follows immediately after the Majors opted to exit the country’s largest greenfield project, the offshore Kalamkas More-Khazar oil development. The focus must shift to smaller-scale, lower-cost and shorter-cycle phases to exploit the world-class resources at the country’s largest upstream assets.