NUR-SULTAN – President Kassym-Jomart Tokayev welcomed the decision of Chevron-led Tengizchevroil (TCO) to redirect an additional 2.6 billion cubic meters of gas to the domestic market at an Aug. 18 meeting with Chevron CEO Michael Wirth in Nur-Sultan, reported the Akorda’s press service. The Chevron delegation also met with Kazakh Prime Minister Alikhan Smailov.
During the meeting in Akorda, the sides also focused on expanding production at the Karachaganak conventional gas field.
President Tokayev and Wirth addressed cooperation prospects and Chevron’s investment projects as part of the Direct Investment Fund worth $248 million. The fund serves as Chevron’s investment tool to work with Kazakhstan’s economy by investing into local commercial enterprises across various industries.
According to Prime Minister Smailov, who met with Wirth on the same say, Chevron was one of the earliest strategic partners of Kazakhstan, which over the years of collaboration has taken part in solving many economic and social challenges.
The sides exchanged views on the global energy trends. They discussed the company’s activities in the country, the supply of commercial and liquefied petroleum gas to the domestic market as well as the implementation of joint projects at the Tengiz and Karachaganak fields.
The Prime Minister also talked about developing an improved model contract for investors, which implies a package of fiscal and regulatory preferences. This work aims to increase the investment attractiveness of the country’s oil and gas industry. It will apply to new offshore projects, complex onshore projects and gas projects.