Chevron Corporation (through its subsidiary Chevron Munaigas Inc.) and JSC NC KazMunayGas (KMG) have signed an MoU to explore potential lower carbon business opportunities in Kazakhstan.
Chevron and KMG plan to evaluate the potential for lower carbon projects in areas such as carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency and methane management; and carbon financial disclosure methodology.
The MoU was signed by Derek Magness, MD for Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman of the Management Board of KMG, in Nur-Sultan on the eve of the 34th Plenary session of the Foreign Investors Council chaired by President of Kazakhstan Kassym-Jomart Tokayev and Chevron’s executive vice president of Upstream Jay Johnson.
Magzum Mirzagaliyev, chairman of the Management Board of KMG, said, “KazMunayGas has set a goal to reduce its carbon footprint by 15% by 2031 compared to 2019 levels and is going to take further actions under the Paris Agreement and Kazakhstan’s Doctrine of Carbon Neutral Development.”
Derek Magness, MD for Chevron, said, “This MoU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector.”
Jeff Gustavson, president of Chevron New Energies, said, “We are excited about the opportunity to pursue these lower carbon opportunities with KazMunayGas and help advance the energy transition in Kazakhstan.”