Chevron Corporation (NYSE:CVX) today confirmed that the Karachaganak project partners have reached an agreement with the government of
Kazakhstan for it to become a 10 percent equity owner in the Karachaganak project. The transfer of equity to the
Kazakhstan government is anticipated to occur on
June 30, 2012.
“Chevron has a long and productive history in Kazakhstan,” said
Chevron Vice Chairman
George Kirkland. “We look forward to
KazMunaiGas joining the Karachaganak partnership and working together toward further development of this field.”
The Karachaganak Venture is comprised of operators
BG Group (32.5 percent) and ENI (32.5 percent), as well as
Chevron International Petroleum Company (20 percent) and
Lukoil (15 percent).
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry.
Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels.
Chevron is based in
San Ramon, Calif.