MOSCOW, January 21, 2026, 14:17 MSK
- Sources reported that the Tengiz and Korolev oilfields have been offline since Jan. 18 due to power issues
- Export volumes of CPC Blend crude are under renewed pressure following cargo cancellations
- Other key fields in Kazakhstan have boosted production, though cuts to CPC throughput remain possible
Kazakhstan’s Tengiz oilfield is expected to stay offline for another 7 to 10 days, industry sources told Reuters, after power supply issues stopped production over the weekend. The disruption has led to the cancellation of some export shipments. (Reuters)
The outage is significant since Tengiz lies at the core of Kazakhstan’s export infrastructure. The bulk of the nation’s crude flows through the Caspian Pipeline Consortium (CPC) line to a terminal on the Black Sea. Any prolonged disruption at Tengiz can swiftly disrupt loading schedules for CPC Blend, the region’s key export grade. (The Astana Times)
Oil traders wrestled with supply concerns amid stronger market forces. Brent, the global benchmark, slipped to about $64 a barrel Wednesday, while U.S. WTI hovered near $60. Investors zeroed in on anticipated U.S. inventory builds and broader geopolitical tensions, despite the ongoing Kazakh production halt. (Reuters)
Tengizchevroil (TCO) has halted operations at Tengiz and the adjacent Korolev field after an incident hit part of its electrical distribution system. “Our technical teams are actively working to identify the root cause,” TCO’s press office said, noting no injuries have been reported. (Qazinform)
Upstream, the energy trade outlet, reported two fires on Sunday at a power plant supplying the Tengiz field. (Upstream Online)
A source quoted in a Reuters repost said production probably won’t resume before the week’s end and might stretch into February. Tengizchevroil has already scrapped five CPC Blend export shipments, totaling roughly 600,000 to 700,000 metric tons. The same report noted that higher output from Kashagan and Karachaganak has so far cushioned the blow. But it also warned that CPC could start cutting throughput — the volume pushed through the pipeline — if the shutdown continues. (BOE Report)
Analysts noted the outage as disruptive, though not expected to be long-lasting. Ajay Parmar, director of energy and refining at ICIS, described it as “disruptive for crude flows” but added the interruption is probably temporary. (Reuters)
Tengiz remains a key asset for Chevron and its partners. In 2025, oil output at Tengiz averaged roughly 860,000 barrels per day, based on Reuters data cited by OE Digital. TCO called the shutdown a precautionary measure as it collaborates with authorities to address the situation. (Oedigital)
The restart timeline remains uncertain. Should repairs reveal further damage or power systems lag in stabilizing, additional CPC Blend shipments could face delays. Kazakhstan’s efforts to make up for losses at other fields might fall short, tightening export schedules even more.
Chevron plans to host its quarterly earnings call on Jan. 30. CEO Mike Wirth and CFO Eimear Bonner will lead the session, according to a company advisory. Investors will likely focus on the ongoing Tengiz disruption during the call. (Businesswire)
