Agreement reached for 10 percent stake in the gas and condensate project
Chevron Corporation (NYSE:CVX) today confirmed that the Karachaganak project partners have reached an agreement with the government ofKazakhstan 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. Chevronexplores 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. More information aboutChevron is available at http://www.chevron.com/.
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