The companies plan to evaluate the potential for lower carbon projects in areas such as CCUS, hydrogen, energy efficiency, methane management and carbon financial disclosure methodology.
The MoU was signed by Derek Magness, managing director for Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman of the Management Board of KMG.
- KazMunayGas has set a goal to reduce its carbon footprint by 15 % by 2031 compared to 2019 levels
- lower carbon is a new area for us, and we believe that Chevron’s wide experience in implementing lower carbon technologies and practices in the oil & gas industry will contribute to our capabilities and lead to joint lower carbon projects
Tengiz - 50%
Karachaganak - 18%
Caspian Pipeline Consortium - 15%
Since 26 years, $121.6 billion of investments, were allocated for the development of the oil & gas sector in Kazakhstan.
Derek Magness said:
- Chevron has been investing in Kazakhstan for close to 3 decades
- This MoU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector
- We firmly believe that we can play an important role in the country’s energy transition and achievement of its carbon-reduction targets