Chevron is going to facilitate KazMunayGaz to reduce its carbon footprint

The two companies have signed a memorandum of cooperation

According to Magzum Mirzagaliyev, chairman of the board of Kazakhstan’s national oil and gas company KazMunayGaz, Chevron’s expertise in low carbon technologies and good practices it’s developed may help Kazakhstan to expand its efforts in reducing carbon emissions.

As a result, Chevron (via its subsidiary Chevron Munaygaz Inc.) and KazMunayGaz have signed a memorandum of cooperation. In the first stage, the two sides are going to study what they can jointly do to expand carbon capture, utilization and storage projects.

As Mirzagaliyev noted, President Kassym-Jomart Tokayev pledged to make the country carbon neutral by 2060 when he spoke at the U.N. Climate Summit last year.

“KazMunayGaz has already approved a plan for a 15% reduction in the company’s carbon footprint by 2031 against its 2019 level and, in the long term, will strive to align with the country’s carbon neutrality target,” said Mirzagalieyv.

According to Derek Magness, Chevron’s Eurasia Business Unit managing director, the American oil giant is going to assist Kazakhstan in its energy transition and achieving its carbon-reducing target.

Jeff B. Gustavson, Chevron’s Vice President of Lower Carbon Energies says that lower carbon emissions are the future of the energy sector. As such, the cooperation between Chevron and KazMunayGaz is a part of massive efforts to get closer and closer to carbon neutrality and reach this target by 2060.

The national doctrine of carbon neutrality was presented by Kazakhstani authorities in 2021. The program is aimed at the acceleration of reducing carbon emissions by 2060. The total cost of the program is $666 billion. The country is going to put $17 billion each year into the implementation of the doctrine down to 2060.

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