Investments, Tengiz and geological exploration: What Kazakhstan and Chevron agreed on
First Deputy Prime Minister Roman Sklyar has held a meeting with Executive Director of Chevron Eurasia Unit Derek Magness, Qazinform News Agency reports, citing primeminister.kz.
Minister of Energy Yerlan Akkenzhenov and Chairman of the Management Board of JSC NC KazMunayGas Askhat Khassenov took part in the meeting.
The meeting focused on the current state and prospects for the bilateral cooperation in the oil and gas sector.
Special attention was given to the Tengiz project, recognized as a flagship initiative of Kazakhstan-U.S. energy collaboration.
Derek Magness noted that thanks to Kazakhstan’s investment climate, the Tengiz project has achieved significant production results. He emphasized the predictability of the regulatory environment and constructive engagement with government authorities, which create conditions for long-term investments.
The Kazakh side expressed concern over the incidents that occurred at the Tengiz field, which led to the temporary suspension of production. Chevron’s management reported on the measures taken to eliminate the consequences of the incidents and the gradual ramp-up of oil production. The company’s leadership also assured that it will take concrete actions to prevent similar situations in the future and to ensure the reliable and safe operation of facilities
The sides also discussed the issues related to the development of geological exploration works. Chevron stated its interest in a number of geological exploration projects.
At the end of the meeting, the parties reaffirmed mutual interest in a long-term and mutually beneficial cooperation, as well as readiness for a constructive dialogue in all areas of cooperation.
Earlier, it was reported that Kazakh Foreign Minister Yermek Kosherbayev, ExxonMobil Vice President Peter Larden discussed energy cooperation and investment expansion in Astana.
