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KazMunayGas and ExxonMobil to Strengthen Partnership

Kazakhstan’s national oil and gas company, KazMunayGas (KMG), and ExxonMobil have expressed their intentions to strengthen their partnership, according to Trend.

This development was announced following a meeting between KMG’s Chairman of the Board, Askhat Khassenov, and Cecile Rauline, Managing Director of ExxonMobil in Kazakhstan. The discussions focused on the current status of the Tengiz and Kashagan projects, the development of domestic petrochemical industries, and increasing Kazakhstani content in these projects.

Khassenov emphasized the commitment to bolstering the strategic partnership between KazMunayGas and ExxonMobil. He expressed optimism about continued support from ExxonMobil for ongoing and new initiatives undertaken by KMG.

Notably, ExxonMobil has invested over $28 billion in Kazakhstan as of the end of 2023. The company, a global leader in the energy and petrochemical industries, began its operations in Kazakhstan in 1993 and has since become one of the country’s significant investors in oil projects.

ExxonMobil holds substantial stakes in key projects in Kazakhstan:

  • A 25% share in Tengizchevroil LLP, which is responsible for developing the Tengiz oil field.
  • A 16.81% interest in the Production Sharing Agreement for the Northern Caspian Sea, which includes the Kashagan oil field.
  • A 7.5% stake in the Caspian Pipeline Consortium.

This enduring partnership between KMG and ExxonMobil is expected to further solidify Kazakhstan’s position in the global oil and gas market.

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