Exxonmobil Set To Expand Its Operations In Kazakhstan's Oil Fields
Date
11/2/2024 2:11:28 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, November 2. The management
of ExxonMobil plans to explore and develop the largest oil fields
in Kazakhstan, Trend reports via KazMunayGas.
A meeting took place between the Chairman of the Management
Board of KazMunayGas, Askhat Khasenov, and the Senior Vice
President of ExxonMobil Upstream Company, John Whelan, along with
the Managing Director of ExxonMobil Kazakhstan Inc., Cecile Rollin,
in Astana, Kazakhstan.
During the meeting, the progress of development at the Tengiz
and Kashagan fields was discussed. Specifically, under the Future
Expansion Project/Wellhead Pressure Management Project (FEP-WPM) at
Tengiz, Tengizchevroil commenced the operation of wellhead pressure
management facilities this year.
Regarding the development of Kashagan, Khasenov emphasized the
strategic importance for KazMunayGas to adhere to previously set
timelines for projects in the further development of the field.
Successful implementation requires coordination and prompt
decision-making from all partners, including ExxonMobil.
The meeting also addressed local content issues, focusing on the
localization of production for the needs of the Tengiz and Kashagan
projects. In 2023, total payments by TCO (Tengizchevroil) to
domestic suppliers amounted to $3.9 billion, representing 71
percent of the total volume. For the first six months of 2024, the
level of Kazakh content was 70 percent.
Total payments by NCOC (the operator for Kashagan) for local
content from 2004 to 2023 exceeded $17 billion. In the first half
of 2024, the share of Kazakh suppliers accounted for over 62
percent.
Following the meeting, both parties expressed confidence in the
continuation of the fruitful partnership between KazMunayGas and
ExxonMobil.
ExxonMobil has been operating in Kazakhstan since 1993 and owns
a 25 percent stake in Tengizchevroil, which develops the Tengiz and
Korolev fields.
MENAFN02112024000187011040ID1108843461
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.