Chevron and KazMunayGas to collaborate on low-carbon projects


Chevron Corp., through its subsidiary Chevron Munaigas Inc. (Chevron), and KazMunayGas (KMG) announced a Memorandum of Understanding (MoU) to explore potential low-carbon business opportunities in Kazakhstan.

Chevron and KMG plan to evaluate the potential for low-carbon projects in areas such as carbon capture, utilization and storage (CCUS), hydrogen, energy efficiency and methane management, as well as the carbon financial disclosure methodology.

The MoU was signed by Derek Magness, Managing Director of Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, Chairman of the Board of KMG, in Nur-Sultan on the eve of 34e Plenary session of the Council of Foreign Investors chaired by President of Kazakhstan Kassym-Jomart Tokayev and Executive Vice President of Chevron Upstream Jay Johnson.

“At the UN Climate Ambition Summit, President Kassym-Jomart Tokayev made a statement on Kazakhstan’s intention to achieve carbon neutrality by 2060. KazMunayGas, in turn, spoke set a target to reduce its carbon footprint by 15% by 2031 compared to 2019 levels. and will take further action within the framework of the Paris Agreement and Kazakhstan’s carbon neutral development doctrine. However, reducing carbon emissions is a new area for us, and we believe Chevron’s extensive experience in implementing low-carbon technologies and practices in the oil and gas industry will help our capabilities. and lead to joint low-carbon projects. We highly value the partnership that has grown over the years of Chevron’s presence in our country,” Mirzagaliyev said.

“Chevron has been investing in Kazakhstan for nearly three decades. We are proud of our history of partnership and are committed to investing in the country’s energy future. This MoU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector,” said Magness. “We firmly believe that we can play an important role in the country’s energy transition and in achieving its carbon reduction objectives. Through our collaboration with KMG, we hope to help provide affordable, reliable and ever cleaner energy, and help the industries and customers who use our products meet their carbon reduction goals.

“Chevron knows the future of energy is low carbon and achieving the global net zero ambitions of the Paris Agreement will take partnership and collaboration,” said Jeff Gustavson, president of Chevron New Energies. , which was launched in 2021 to focus on establishing low-carbon energies. companies in CCUS, hydrogen, renewable fuels, offsets and other emerging areas. “We welcome the opportunity to pursue these low-carbon opportunities with KazMunayGas and help drive the energy transition in Kazakhstan forward.”

The collaboration between Chevron and KMG is part of the two companies’ efforts to support Kazakhstan’s target vision of achieving carbon neutrality by 2060.

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