The US-based player is set to splash $3 billion on the wellhead pressure management and future growth expansion project at its giant Tengiz project in Kazakhstan this year, with $2 billion also being spent on each of its ­Permian and Australian liquefied natural gas positions.

The trio of legacy positions anchoring Chevron’s upstream business represent a third of the group’s resources and, by 2019, will represent about one third of production.