JSC NC QazaqGaz and Chevron Munaigas Inc. have signed a cooperation settlement for pure fuel exploration within the Aktobe area in western Kazakhstan.
The Chevron Corp. subsidiary will within the preliminary part reprocess seismic knowledge for the goal space, which is close to the already confirmed Urikhtau and Zhanazhol fields, Kazakhstan’s nationwide fuel firm mentioned in a press release.
“The respective events view the signed settlement as a possible start line for extra intensive collaboration”, QazaqGaz mentioned.
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The exploration marketing campaign can be supported by Samruk-Kazyna JSC and the Central Asian nation’s Power Ministry, in response to the assertion.
QazaqGas chair Sanzhar Zharkeshov mentioned within the assertion, “Additional geological exploration and improvement of a possible fuel condensate or oil and fuel condensate subject on the Zhalibek website is predicted to reinforce the business fuel useful resource base and drive financial progress within the nation”.
Zharkeshov added the settlement for fuel exploration with america oil and fuel big indicators an rising attractiveness of Kazakhstan to worldwide fuel gamers.
“Our strategic partnership with Kazakhstan has spanned greater than three a long time, and this settlement creates new alternatives for probably advancing Kazakhstan’s power sector”, Chevron managing director for Eurasia Derek Magness commented. “Chevron acknowledges the significance of fuel improvement and associated potential alternatives inside Kazakhstan’s fuel business”.
In 2022 Chevron Munaigas and QazaqGaz inked a memorandum of understanding for collaboration in hydrocarbon exploration and manufacturing, fuel processing and power transition.
Final 12 months Kazakhstan produced 30.8 billion cubic meters (1.1 trillion cubic ft) of fuel, whereas its fuel consumption stood at 21.4 Bcm (755.7 Bcf), in response to the Power Institute’s Statistical Assessment of World Power.
Chevron is the primary multinational to enter Kazakhstan, in 1993, in response to the San Ramon, California-based built-in power firm.
At the moment it holds a 50 p.c stake within the Tengizchevroil three way partnership, which develops the Tengiz subject and the close by Korolev subject. Chevron estimates 25.5 billion barrels of oil in place in Tengiz and 1.6 billion barrels in Korolev. Chevron pegs recoverable oil from the 2 at 7.1 billion to 10.9 billion barrels. Tengizchevroil contributed 358,000 oil-equivalent barrels per day to Chevron’s web manufacturing final 12 months, in response to the corporate’s supplemental report back to its annual report for 2023.
Chevron additionally owns an 18 p.c curiosity within the Karachaganak fuel condensate subject.
Downstream, Chevron holds a 15 p.c stake within the Caspian Pipeline Consortium, which operates a 1,505-kilometer (935.2 miles) conduit that carries petroleum from Tengiz and Karachaganak for export abroad, Chevron says on its web site.
Chevron additionally owns the Atyrau Polyethylene Pipe Plant.
To contact the creator, e mail jov.onsat@rigzone.com
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