8 Jun 2022 16:45

Chevron and KazMunayGas to jointly explore carbon reduction opportunities

NUR-SULTAN. June 8 (Interfax) - Chevron Corporation through its subsidiary Chevron Munaigas Inc. and KazMunayGas (KMG) have signed a memorandum of understanding to explore potential lower carbon business opportunities in Kazakhstan.

"KMG and Chevron plan to evaluate the potential for lower carbon projects in areas such as carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency and methane management; and carbon financial disclosure methodology," KMG said.

The MoU was signed by Derek Magness, Managing Director for Chevrons Eurasian Business Unit, and Magzum Mirzagaliyev, Chairman of the Management Board of KMG in Nur-Sultan on the eve of the 34th Plenary session of the Foreign Investors Council chaired by Kazakhstan President Kassym-Jomart Tokayev and Chevrons Executive Vice President of Upstream Jay Johnson.

Chevron is a major foreign investor in Kazakhstan with stakes in the three largest projects: Tengiz - 50%, Karachaganak - 18%, and Caspian Pipeline Consortium - 15%.

KazMunayGas is the national operator for the exploration, production, processing and transportation of hydrocarbons. The company represents the state interests in the oil and gas sector of Kazakhstan. KazMunayGas is owned by Samruk-Kazyna National Wealth Fund (90.42%) and by the National Bank of Kazakhstan (9.58%).