ASTANA — QazaqGaz national company and Chevron Corporation, through its subsidiary Chevron Munaigas Inc., signed a cooperation agreement on July 1 regarding potential geological exploration at the Zhalibek site in the Aktobe Region, near the Zhanazhol and Urikhtau fields.
Photo credit: QazaqGaz. Click to see the map in full size. The map is designed by The Astana Times.
According to the QazaqGaz press service, 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. The parties view the signed agreement as a potential starting point for more extensive collaboration.
The agreement was signed by Derek Magness, Managing Director for Chevron’s Eurasia Business Unit, and Sanzhar Zharkeshov, Chairman of the Management Board of QazaqGaz. The signing ceremony was held with the participation of Samruk Kazyna Sovereign Wealth Fund Chairman Nurlan Zhakupov.
“We are pleased to strengthen our cooperation with QazaqGaz through this important gas project. Our strategic partnership with Kazakhstan has spanned more than three decades, and this agreement creates new opportunities for potentially advancing Kazakhstan’s energy sector. Chevron recognizes the importance of gas development and related potential opportunities within Kazakhstan’s gas industry,” said Magness.
The project is being implemented with the support of the Samruk Kazyna and the Kazakh 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. In line with the Kazakh President’s directive to accelerate exploration projects in the gas sector, we are pleased to announce that Kazakhstan’s gas industry potential is increasingly attracting international investors and multinational companies,” said Zharkeshov.
