BAKU, Azerbaijan, November 10. Kazakhstan’s
national oil company KazMunayGas (KMG) and US energy corporation
Chevron have discussed the development of the Tengiz field,
geological exploration and hydrocarbon transportation, KMG
reported.
The meeting was held in Washington between KazMunayGas Chairman
of the Management Board Askhat Khassenov and Chevron President of
Upstream Clay Neff.
According to the report, the sides highlighted the importance of
timely implementation of the Lean Gas Modification (LGM) project at
Tengizchevroil. The project is intended to ensure supplies of dry
gas to the Gas Separation Complex (GSC), which is currently under
construction.
The GSC’s output is planned to serve as feedstock for a
polyethylene plant being built by KazMunayGas together with its
partners, the company noted.
Chevron also expressed interest in continuing its partnership
under KazMunayGas’ large-scale geological exploration program.
“Chevron is one of KazMunayGas’ strategic partners. We look
forward to further developing mutually beneficial, long-term
cooperation,” Khassenov said.
For reference, Chevron has been one of Kazakhstan’s key
international oil and gas partners since 1993, when it joined the
country in establishing the Tengizchevroil (TCO) joint venture to
develop the Tengiz and Korolev oil fields in Atyrau Region.
The partnership was initially formed between the Kazakh
government and Chevron, and KazMunayGas later became one of its
shareholders. TCO’s current ownership structure comprises Chevron
with a 50% stake, ExxonMobil with 25%, KazMunayGas with 20% and
Lukoil with 5%. Tengiz is among the world’s largest oil fields, and
TCO produced 27.8 million tons of oil in 2024.
Beyond Tengiz, Chevron holds an 18% stake in the Karachaganak
project and a 15% interest in the Caspian Pipeline Consortium,
which transports Kazakh oil to international markets. The company
also operates the Atyrau Polyethylene Pipe Plant.
