CVX and KMG work together to reduce CO2 – Chevron.com

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.

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rafters
Sally Jones
JonesS@chevron.com
+44 5601091435

Creighton Welch
CreightonWelch@chevron.com
281.703.2728

KazMunayGas
Dauren Omarov
press@kmg.kz
+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 www.chevron.com.

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.

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