A Chevron Corp.-led consortium is set to invest up to $37 billion as it increases output at a giant oil field in Kazakhstan, the country’s energy minister Kanat Bozumbayev said in an interview Wednesday. The investment represents a rare big commitment by a large oil company to spend on new production during a nearly two-year long slump in crude prices. Companies have been forced to delay or cancel about $270 billion in projects through March since oil prices began their long slide, according to Rystad Energy, including expensive Arctic developments. The Kazakh project, called Tengiz, is one of the world’s biggest oil fields and a key source for Chevron’s growth in crude output in the next few years. Investment would start in 2017 and the project would add 24,000 jobs in Kazakhstan, Mr. […]