KazMunayGas signs up Chevron for decarbonisation drive
Chevron and KazMunayGas are teaming up to explore possible decarbonisation prospects in Kazakhstan, the US major said June 7.
The two companies have signed a memorandum of understanding to kick off the venture, building on Chevron's three decade-long involvement in Kazakhstan's upstream oil sector.
To help the world limit the impacts of climate change, Kazakshtan has vowed to achieve net zero by 2060. KMG has in turn said it will reduce its carbon footprint by 2031, compared with its CO2 output in 2019.
Derek Magness, the managing director for Chevron's Eurasian business unit, said: "Chevron has been investing in Kazakhstan for close to three decades. This MoU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector.”
Magzum Mirzagaliyev, chairman of the KMG's managing board, added: "However, lower carbon is a new area for us, and we believe that Chevron’s wide experience in implementing lower-carbon technologies and practices in the oil and gas industry will contribute to our capabilities and lead to joint lower-carbon projects.”