BAKU, Azerbaijan, November 10. Kazakhstan’s national oil company KazMunayGas (KMG) and US energy corporation Chevron have discussed the development of the Tengiz field, geological exploration and hydrocarbon transportation, KMG reported.
The meeting was held in Washington between KazMunayGas Chairman of the Management Board Askhat Khassenov and Chevron President of Upstream Clay Neff.
According to the report, the sides highlighted the importance of timely implementation of the Lean Gas Modification (LGM) project at Tengizchevroil. The project is intended to ensure supplies of dry gas to the Gas Separation Complex (GSC), which is currently under construction.
The GSC's output is planned to serve as feedstock for a polyethylene plant being built by KazMunayGas together with its partners, the company noted.
Chevron also expressed interest in continuing its partnership under KazMunayGas' large-scale geological exploration program.
"Chevron is one of KazMunayGas' strategic partners. We look forward to further developing mutually beneficial, long-term cooperation," Khassenov said.
For reference, Chevron has been one of Kazakhstan's key international oil and gas partners since 1993, when it joined the country in establishing the Tengizchevroil (TCO) joint venture to develop the Tengiz and Korolev oil fields in Atyrau Region.
The partnership was initially formed between the Kazakh government and Chevron, and KazMunayGas later became one of its shareholders. TCO's current ownership structure comprises Chevron with a 50% stake, ExxonMobil with 25%, KazMunayGas with 20% and Lukoil with 5%. Tengiz is among the world's largest oil fields, and TCO produced 27.8 million tons of oil in 2024.
Beyond Tengiz, Chevron holds an 18% stake in the Karachaganak project and a 15% interest in the Caspian Pipeline Consortium, which transports Kazakh oil to international markets. The company also operates the Atyrau Polyethylene Pipe Plant.
