Chevron and QazaqGaz to Conduct Exploration Work at the Zhalibek Subsoil Site in Kazakhstan
Kazakhstan national company QazaqGaz and Chevron (through its subsidiary Chevron Munaygaz Inc.) signed a cooperation agreement on geological exploration work (GEW) at the Zhalibek subsoil site in the Aktobe region near the Zhanazhol and Urikhtau fields. This was reported by the press service of QazaqGaz.
It is noted that negotiations and technical preparation for this project have been carried out over the past year. The project is being implemented with the support of the shareholder Samruk-Kazyna and the Ministry of Energy of the Republic of Kazakhstan.
The signing ceremony of the agreement was held with the participation of the Chairman of the Board of Samruk-Kazyna N. Zhakupov.
The document was signed by the Chairman of the Board of QazaqGaz S. Zharkeshov and Managing Director of the Eurasian Division of Chevron D. Magness.
Theses of S. Zharkeshov:
- We are pleased to begin joint work with Chevron on new gas fields;
- It is expected that further geological exploration and development of a potential gas and gas condensate field in the Zhalibek subsoil area will contribute to the development of the resource base of commercial gas and the economic growth of the country in the future;
- Fulfilling the instructions of the head of state (K.-Zh. Tokayev – editor’s note) to accelerate geological exploration projects in the gas industry, we are pleased to report that the potential of the gas industry of Kazakhstan is increasingly attracting international investors and transnational companies.
At the 1st stage, Chevron will reprocess the available seismic data and develop technical interpretations.
The parties consider the signed agreement as a potential start of larger-scale cooperation.
D. Magness’s keynote address:
- We are pleased to strengthen our partnership with QazaqGaz on this important gas project;
- Our strategic partnership with Kazakhstan has been going on for over 3 decades, and this agreement opens up new opportunities for the growth of Kazakhstan’s energy potential;
- Chevron recognizes the importance of developing the gas industry and the opportunities and prospects associated with it in Kazakhstan.
Chevron in Kazakhstan
In 1993, Chevron became the first international energy company to enter Kazakhstan.
Assets:
- The company owns a 50% stake in Tengizchevroil (TCO), which develops the Tengiz and Korolevskoye fields,
- 18% in the Karachaganak gas condensate field;
- 15% in CPC – Caspian Pipeline Consortium, which operates a 1,505 km pipeline system designed to export Kazakh oil to world markets;
- 100% in Atyrau polyethylene pipe plant.
