Chevron Upbeat About CPC Flows

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Chevron CEO Mike Wirth said on Tuesday he does not think that crude oil flows via the Caspian Pipeline Consortium (CPC) pipeline will be affected by the Russian invasion of Ukraine.

"We would expect the pipeline to continue to operate," he told analysts. "It’s an important source of supply — over 1 million b/d — into a world which right now really needs that oil supply."

He stressed that governments around the world are "looking to keep markets well supplied to try to stabilize prices."

More than 1 million b/d of Kazakh crude is transported via the CPC pipeline, that runs from the 650,000 b/d Tengiz oil field, operated by Chevron, to the Russian Black Sea port of Novorossiysk.

Chevron has a 15% stake in the pipeline. Russian pipeline operator Transneft is the largest shareholder with a 24% stake, while Exxon Mobil and Shell are also minority partners.

Oil Supply, Military Conflict, Sanctions
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