Kazakhstan's QazaqGaz, Chevron sign cooperation agreement

Kazakh state-owned gas company QazaqGaz and US energy major Chevron Corporation have signed a cooperation agreement for potential geological exploration at the Zhalibek site in Kazakhstan's Aktobe region, near the Zhanazhol and Urikhtau fields, QazaqGaz announced on July 1.

Negotiations and technical preparations for this project have been ongoing for the past year. In the initial phase, Chevron will reprocess existing seismic data and develop technical interpretations. Both parties view the signed agreement as a potential starting point for more extensive collaboration.

"This agreement creates new opportunities for potentially advancing Kazakhstan's energy sector. Chevron recognises the importance of gas development and related potential opportunities within Kazakhstan's gas industry,” said Derek Magness, managing director for Chevron’s Eurasia business unit.

The project is being implemented with the support of Samruk-Kazyna, a sovereign wealth fund and joint stock company in Kazakhstan, and the country’s energy ministry.

"We look forward to working with Chevron to find possible new gas prospects. Further geological exploration and development of a potential gas condensate or oil and gas condensate field at the Zhalibek site is expected to enhance the commercial gas resource base and drive economic growth in the country,” said Sanzhar Zharkeshov, chairman of the management board of QazaqGaz.