NC JSC QazaqGaz (QazaqGaz) and Chevron Corporation, through its subsidiary Chevron Munaigas Inc., have finalized a cooperation agreement to explore potential geological resources at the Zhalibek site in the Aktobe region of Kazakhstan, situated near the Zhanazhol and Urikhtau fields.
Year-Long Negotiations and Technical Preparations Culminate in Agreement
This project has been under negotiation and technical preparation for the past year. The initial phase will involve Chevron reprocessing existing seismic data and conducting technical interpretations. Both parties consider this agreement as a potential foundation for broader collaboration.
Chevron’s Perspective on the Partnership
Derek Magness, Managing Director for Chevron’s Eurasia Business Unit, expressed satisfaction with the strengthened cooperation with QazaqGaz on this significant gas project.
He emphasized Chevron’s commitment to advancing Kazakhstan’s energy sector through their three-decade-long strategic partnership, recognizing the importance of gas development and its potential opportunities within the country’s gas industry.
QazaqGaz’s Outlook on the Collaboration
Sanzhar Zharkeshov, Chairman of the Management Board of QazaqGaz, conveyed enthusiasm for working with Chevron to potentially discover new gas prospects. He highlighted the expectation that further exploration and development at the Zhalibek site will bolster the commercial gas resource base and contribute to economic growth.
Zharkeshov noted that Kazakhstan’s gas industry potential is attracting increasing interest from international investors and multinational companies, aligning with the Head of State’s directive to accelerate exploration projects in the gas sector.