BAKU, Azerbaijan, August 4. Kazakhstan's national oil company KazMunayGas (KMG) and ExxonMobil discussed expanding investment cooperation, geological exploration and the use of advanced technologies in the country's oil and gas sector.
This was reflected in a statement published by KazMunayGas on June 4 following a meeting in Astana between KMG Chairman Askhat Khassenov and ExxonMobil Upstream President Dan Ammann.
"The parties discussed the progress of the Tengiz and North Caspian projects," the statement said.
According to KMG, the meeting also covered prospects for further investment cooperation, collaboration in geological exploration, the introduction of advanced technologies and measures aimed at improving production efficiency across Kazakhstan's oil and gas industry.
The sides reaffirmed their readiness to strengthen their strategic partnership across areas of mutual interest, the company added.
For reference, ExxonMobil has been one of Kazakhstan's key strategic partners in the oil and gas sector since entering the country in 1993, when it joined the Tengizchevroil consortium to develop the giant Tengiz field. Over the following decades, the company expanded its presence by acquiring a 16.81% stake in the North Caspian Production Sharing Agreement, which includes the Kashagan field, one of the world's largest offshore oil discoveries in recent history. ExxonMobil is also a shareholder in the Caspian Pipeline Consortium (CPC), the principal export route for most of Kazakhstan's crude oil to international markets.
The partnership has evolved beyond production to include large-scale expansion projects and discussions on future upstream investment. Following the completion of the Future Growth Project at Tengiz, which lifted production capacity to record levels, Kazakhstan and ExxonMobil have increasingly focused on geological exploration, production efficiency and potential new developments at Kashagan.
