KazMunayGas expands cooperation with Shell and Chevron to search for oil in Aktobe region 

Kazakhstan’s national oil company KazMunayGas (KMG) is set to explore the Mugodzhar site in the Aktobe region in cooperation with Shell and Chevron, as reported by KMG’s press service.   

Negotiations regarding the project took place in Astana during a meeting between KMG CEO Askhat Khassenov, Head of Shell Kazakhstan Ali Al Janabi and Dylan Morgan, deputy managing director of Chevron’s Eurasia Business Unit. The parties reached agreements on the utilization of geological data. According to KMG, these arrangements will allow for the use of seismic study results in planning collaborative exploration work.

«We are confident that a partnership with the leading global energy companies will give new impetus to the development of geological exploration in Kazakhstan and will help attract new technology and foreign direct investment,» Khassenov said.

In January 2023, KMG announced the commencement of exploration at five promising sites, including Mugodzhar in the Aktobe region. The company planned to allocate approximately $55.57 million to this project. Under the schedule, once this work is completed in 2025, KMG is expected to make a decision concerning subsoil use contracts.

Shell has been implementing several projects in Kazakhstan. The company holds a 16.81% stake in the international consortium developing the Kashagan field. Additionally, Shell is also one of the Karachaganak project operators, with a 29.25% share. 

Chevron holds a 50% stake in the Tengizchevroil oil production joint venture and an 18% interest in the Karachaganak project.