The energy giant is spending nearly $50 billion to expand the Tengiz oil field, allowing it to pump one million barrels a day.

Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield which will bring its output to around 1% of global crude supply.

Chevron (NYSE:CVX) said Friday it achieved first oil from newly built production and processing facilities at Kazakhstan's huge Tengiz oil field, completing a $48B expansion that will bring its production to ~1% of global crude supply.