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.
