QazaqGaz seeks Chevron’s expertise for geological exploration in the Aktobe region

QazaqGaz will rely on Chevron’s assistance in its geological exploration of the Zhalibek gas and gas condensate field in the Aktobe region, the company’s press service announced.

The two sides have signed a cooperation agreement after close negotiations throughout the past twelve months. Given the high stakes of the deal, the signing ceremony was attended by Nurlan Zhakupov, CEO of the Samruk-Kazyna Fund (the parent company of QazaqGaz).

At the initial stage, Chevron is expected to thoroughly review existing seismic data to prepare technical interpretations. Both companies view the agreement as the first step towards potential broader cooperation.

«We’re glad that Chevron is our partner in exploring new gas fields. We expect that geological exploration and development of the potential gas and gas condensate deposit at Zhalibek will facilitate the further development of a commercial gas resource base and boost the country’s economic growth,» said Sanzhar Zharkeshov, CEO of QazaqGaz.

Experts believe that the Zhalibek field may contain about 200 billion cubic meters of gas and gas condensate. In early 2023, QazaqGaz announced its plan to examine several oil and gas fields with a combined potential reserve of 640.5 billion cubic meters of gas. Apart from Zhalibek, the company mentioned the Akkuduk, Samtyr, Shottykol and Temir fields.

Chevron is the largest energy company in the U.S. It holds stakes in the Karachaganak and Tengiz fields, runs the polyethylene pipe plant in Atyrau and is the biggest private shareholder of the Caspian Pipeline Consortium. The largest shareholders of Chevron are Berkshire Hathaway Inc. (6.6%), BlackRock Advisors LLC (5.6%) and Eaton Vance Management (1.9%).