CVX and KMG work together to reduce CO2 –

Nur-Sultan, Kazakhstan, June 8, 2022 – Chevron Corporation (NYSE: CVX), through its subsidiary Chevron Munaigas Inc. (Chevron) and JSC NC “KazMunayGas” (KMG), announced a Memorandum of Understanding (MoU) to explore potential low carbon business opportunities in Kazakhstan.

Chevron and KMG plan to assess the potential for lower carbon projects in areas such as Carbon Capture, Use and Storage (CCUS); Hydrogen; energy efficiency and methane management; and carbon finance disclosure methodology.

The MoU was signed by Derek Magness, Managing Director of Chevron’s Eurasian business unit, and Magzum Mirzagaliyev, CEO of KMG in Nur-Sultan, on the eve of the 34th Plenary Session of the Foreign Investors Council chaired by Kazakh President Kassym – Jomart Tokayev and Chevron’s Executive Vice President of Upstream Jay Johnson.

“At the UN climate summit, President Kassym-Jomart Tokayev declared Kazakhstan’s intention to achieve climate neutrality by 2060. KazMunayGas, in turn, aims to reduce its carbon footprint by 15 percent by 2031 compared to 2019 and will take further action under the Paris Agreement and Kazakhstan’s doctrine of carbon-neutral development. However, lower-carbon is a new area for us, and we believe that Chevron’s extensive experience in implementing lower-carbon technologies and practices in the oil and gas industry will add to our capabilities and lead to lower-carbon projects together. We greatly value the partnership that has developed over the years of Chevron’s presence in our country,” said Mirzagaliyev.

“Chevron has been investing in Kazakhstan for nearly three decades. We are proud of our partnership history and committed to investing in the country’s energy future. This MOU with KazMunayGas marks a new chapter in our company’s efforts to support the development of Kazakhstan’s energy sector,” said Magness. “We firmly believe that we can play an important role in the country’s energy transition and the achievement of its CO2 reduction goals. Through our collaboration with KMG, we hope to contribute to the delivery of affordable, reliable and always clean energy, and to help the industries and customers who use our products advance their goals for lower carbon emissions.”

“Chevron knows the future of energy is lower-carbon, and achieving the Paris Agreement’s global net-zero ambition requires partnership and collaboration,” said Jeff Gustavson, president of Chevron New Energies, which was formed in 2021 to focus on the Building lower-carbon businesses to focus on CCUS, hydrogen, renewable fuels, offsets and other emerging areas. “We are excited for the opportunity to pursue these lower-carbon opportunities with KazMunayGas and help advance Kazakhstan’s energy transition.”

The collaboration between Chevron and KMG is part of both companies’ efforts to support Kazakhstan’s vision to achieve carbon neutrality by 2060.


Sally Jones
+44 5601091435

Creighton Welch

Dauren Omarov
+7 7172 78 62 31
+7 717278 91 49

About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and increasingly cleaner energy is essential to achieve a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that improve our business and the industry. We are focused on reducing the carbon intensity of our operations and are looking to grow lower carbon businesses alongside our traditional businesses. For more information about Chevron, visit

About KazMunayGas
JSC National Company “KazMunayGas” is a leading vertically integrated oil and gas company in Kazakhstan. KMG manages assets throughout the production cycle, ie from exploration and production of hydrocarbons to transportation, refining and provision of maintenance services. Founded in 2002, the company represents the interests of the Republic of Kazakhstan in the national oil and gas industry.


This press release contains forward-looking statements regarding Chevron’s operational and energy transition plans that are based on management’s current expectations, estimates and projections regarding the petroleum, chemical and other energy-related industries. Words or phrases such as “anticipate”, “expect”, “intend”, “plan”, “aim”, “advance”, “commit”, “drive”, “aim”, “aim”, “forecast”, “Projects”, “believes”, “goes on”, “aspires”, “plans”, “estimates”, “positions”, “follows”, “may”, “may”, “could”, “should”, ” will”, “Budgets”, “Outlook”, “Trends”, “Guidance”, “Focus”, “on track”, “Objectives”, “Objectives”, “Strategy”, “Opportunity”, “Direction”, ” Potential”, “ambition”, “aims” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the Company’s control and are difficult to predict. As a result, actual outcomes and results could differ materially from those expressed or projected in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Chevron undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include: changing crude oil and natural gas prices and demand for the Company’s products and production limitations due to market conditions; crude oil production quotas or other measures that may be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advances; changes in government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related governmental policies and measures; disruptions in the company’s global supply chain, including supply chain constraints and escalating costs of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenditures; time of crude oil production; the competitiveness of alternative energy sources or product substitutes; developing large markets for carbon capture and offsetting; the results of operations and financial condition of the Company’s suppliers, vendors, partners and affiliates, particularly during the COVID-19 pandemic; the inability or omission of the Company’s joint venture partners to fund their share of operating and development activities; the potential failure to meet anticipated net production from existing and future crude oil and natural gas development projects; possible delays in the development, construction or commissioning of proposed projects; the potential disruption or interruption of the Company’s business due to war, accident, political event, civil commotion, severe weather, cyber threat, terrorist attack or other natural or human causes beyond the Company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes made or required by existing or future environmental laws and regulations, including international agreements and national or regional laws and governmental measures to limit or reduce greenhouse gas emissions; the potential liability arising from pending or future litigation; the Company’s future acquisitions or disposals of assets or interests, or the delay or failure of such transactions to be completed pursuant to required closing conditions; the potential for gains and losses on disposal of assets or impairments; government-mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, penalties, changes in tax regimes or restrictions on the scope of operations; foreign currency movements versus the US dollar; material reductions in corporate liquidity and access to bond markets; obtaining necessary board approvals to implement capital allocation strategies, including future share repurchase programs and dividend payments; the impact of changes in accounting standards to generally accepted accounting principles promulgated by regulatory bodies; the Company’s ability to identify and mitigate the risks and hazards associated with operating in the global energy industry; and the factors set forth under the caption “Risk Factors” on pages 20-25 of the Company’s 2021 Annual Report on Form 10-K and subsequent filings with the US Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also have a material adverse effect on any forward-looking statement.

Leave a Comment