The national oil and gas company of Kazakhstan, KazMunayGas (KMG), and Chevron have engaged in discussions regarding the advancement of renewable energy resources at the Tengiz field, as reported by Trend.

Source: Trend

The conversation was held between KMG's Board Chairman, Askhat Khassenov, and Derek Magness, who is the Managing Director of Chevron's Eurasian division. Khassenov emphasized that apart from assisting Kazakhstan in achieving its carbon emission reduction targets, the evolution of renewable energy resources at the Tengiz field could potentially spare gas for consumption in domestic markets and petrochemical projects.

In parallel, both parties agreed on the urgency of endorsing an investment decision about the construction of a gas processing plant at the Karachaganak field. This plant is expected to process 4.5 billion cubic meters of raw gas annually, providing Kazakhstan with marketable gas.

Khassenov also underlined the necessity for collaboration with government agencies to ensure the timely approval of project documents for field development.

In closing, both parties reaffirmed their dedication to bolstering a mutually advantageous partnership.

The Tengiz field is currently operated by Tengizchevroil, a joint venture between Kazakhstan and Chevron. Tengiz, the deepest-producing super-giant oil field in the world, was discovered in 1979. The Tengizchevroil (TCO) partnership was established on April 6, 1993, between Kazakhstan and Chevron.

The Tengiz field holds an estimated 3.1 billion metric tons (25 billion barrels) of oil, and the Korolev field, where Tengizchevroil also operates, holds 200 million metric tons (1.6 billion barrels). The total recoverable crude oil in the Tengiz and Korolev fields is estimated to be 1.4 billion metric tons (11.5 billion barrels).