Chevron Corporation and JSC NC “KazMunayGas” (KMG) have announced a memorandum of understanding (MoU) to look into potential low carbon business prospects in Kazakhstan through Chevron Munaigas Inc. (Chevron).

Chevron and KMG intend to explore the possibility of lower-carbon projects in areas including carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency and methane management; and carbon financial disclosure methods.

On the eve of the 34th Plenary session of the Foreign Investors Council, which was chaired by President of Kazakhstan Kassym-Jomart Tokayev and Chevron’s executive vice president of Upstream Jay Johnson, Derek Magness, managing director of Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman of the Management Board of KMG, signed the MoU in Nur-Sultan.

“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

Chevron and KMG’s engagement is part of both firms’ efforts to promote Kazakhstan’s goal of carbon neutrality by 2060.