QazaqGaz, Chevron agree on potential geological exploration at Kazakh Zhalibek site

QazaqGaz, Chevron agree on potential geological exploration at Kazakh Zhalibek site
Photo credit: QazaqGaz

JSC NC QazaqGaz  and Chevron Corporation, through its subsidiary Chevron Munaigas Inc. (Chevron), entered into a cooperation agreement on potential geological exploration at the Zhalibek site in Aktobe region, near the Zhanazhol and Urikhtau fields, Kazinform News Agency reports.

As the press service of QazaqGaz informed, 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 respective 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 Chairman of the Board of JSC "Samruk-Kazyna" 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 Derek Magness.

The project is being implemented with the support of “Samruk-Kazyna” JSC and Ministry of Energy.

"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 Head of State'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 Sanzhar Zharkeshov.

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