BAKU, Azerbaijan, November 10. Kazakhstan’s
national oil and gas company KazMunayGas and US-based ExxonMobil
have reviewed the progress of the Tengiz and North Caspian
projects, as well as prospects for expanding investment and
technological cooperation, KazMunayGas reported today, November
10.
The meeting was held in Washington between KazMunayGas Chairman
of the Management Board Askhat Khassenov and ExxonMobil Senior Vice
President Peter Larden.
According to the report, the sides also reviewed potential
cooperation in geological exploration, transportation, advanced
technology deployment and improving operational efficiency in the
oil and gas industry.
“KazMunayGas is interested in further strengthening its
strategic partnership with ExxonMobil, taking into account the
company’s extensive experience and technological expertise. We are
ready to continue working with our American colleagues on ongoing
projects and future initiatives to ensure the sustainable
development of Kazakhstan’s oil and gas sector,” Khassenov
said.
Following the meeting, the parties confirmed their intention to
expand cooperation across key areas.
For reference, ExxonMobil has been one of Kazakhstan’s key
strategic partners in the oil and gas sector since beginning
operations in the country in 1993. The company became a partner in
the Tengizchevroil (TCO) consortium in 1996, when its predecessor,
Mobil, acquired a 25% stake in the venture, which was established
by Kazakhstan and Chevron in 1993 to develop the giant Tengiz
field. ExxonMobil is also a shareholder in the Caspian Pipeline
Consortium (CPC), the principal export route for most of
Kazakhstan’s crude oil to international markets.
The partnership has evolved beyond production to include
large-scale expansion projects and discussions on future upstream
investment. Following the completion of the Future Growth Project
at Tengiz, which lifted production capacity to record levels,
Kazakhstan and ExxonMobil have increasingly focused on geological
exploration, production efficiency and potential new developments
at Kashagan.
