Chevron Corporation (NYSE: CVX), through its subsidiary Chevron
Munaigas Inc. (Chevron), and JSC NC “KazMunayGas” (KMG) have
announced a memorandum of understanding (MoU) to explore potential
lower carbon business opportunities in Kazakhstan.
Chevron and KMG plan to evaluate the potential for lower carbon
projects in areas such as carbon capture, utilization, and storage
(CCUS); hydrogen; energy efficiency and methane management; and
carbon financial disclosure methodology.
The MoU was signed by Derek Magness, managing director for
Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman
of the Management Board of KMG, in Nur-Sultan on the eve of the
34th Plenary session of the Foreign Investors Council chaired by
President of Kazakhstan Kassym-Jomart Tokayev and Chevron’s
executive vice president of Upstream Jay Johnson.
“At the UN Climate Ambition Summit, President Kassym-Jomart
Tokayev made a statement about Kazakhstan's intention to achieve
carbon neutrality by 2060. KazMunayGas, in its turn, has set a goal
to reduce its carbon footprint by 15 percent by 2031 compared to
2019 levels and is going to take further actions 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 wide experience in implementing lower carbon technologies
and practices in the oil and gas industry will contribute to our
capabilities and lead to joint lower carbon projects. We highly
appreciate the partnership that has developed over the years of
Chevron’s presence in our country,” Mirzagaliyev said.
“Chevron has been investing in Kazakhstan for close to three
decades. We are proud of our history of partnership and are
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,” Magness
said. “We firmly believe that we can play an important role in the
country’s energy transition and achievement of its carbon-reduction
targets. Through our collaboration with KMG, we hope to contribute
to providing affordable, reliable, ever-cleaner energy, and help
the industries and customers who use our products to advance their
lower carbon goals.”
“Chevron knows the future of energy is lower carbon and
achieving the global net zero ambitions of the Paris Agreement will
require partnership and collaboration,” said Jeff Gustavson,
president of Chevron New Energies, which was launched in 2021 to
focus on establishing lower carbon businesses in CCUS, hydrogen,
renewable fuels, offsets, and other emerging areas. “We are excited
about the opportunity to pursue these lower carbon opportunities
with KazMunayGas and help advance the energy transition in
Kazakhstan.”
The collaboration between Chevron and KMG is part of the efforts
from both companies to support Kazakhstan’s target vision to
achieve carbon neutrality by 2060.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and seeking to grow lower carbon businesses along with our
traditional business lines. More information about Chevron is
available at 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 entire production cycle, i.e. from exploration and
production of hydrocarbons to transportation, refining and
provision of maintenance services. Founded in 2002, the company
represents the Republic of Kazakhstan’s interests in the national
oil and gas industry.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
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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. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
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 news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
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 government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost 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 chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, 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 undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to implement capital allocation strategies,
including future stock repurchase programs and dividend payments;
the effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company's 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220607006327/en/
Chevron 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
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