KMG, SOCAR mull implementation of joint projects in oil and gas production

Chairman of the Kazakh company KazMunayGaz (KMG) Askhat Khassenov discussed the possibilities of implementing joint projects in the field of geological exploration and production of oil and gas with President of the State Oil Company of Azerbaijan (SOCAR) Rovshan Najaf during a meeting in Baku, Report informs citing KMG.

“During the meeting, the implementation of joint projects in the field of geological exploration and oil and gas production, the possibility of attracting investments, and digitalization of production were discussed,” KMG said.

Khassenov said that SOCAR is the main partner of KazMunayGaz: “I am confident that through joint efforts we will continue to make significant contributions to ensuring global energy security and the stability of hydrocarbon resources. This, in turn, will open up new prospects for transit opportunities in the Caspian region.”

According to KMG, during the meeting, the parties discussed the progress of the agreement signed between the two companies in 2022 on the transportation of Kazakh oil via the Aktau-Baku route and subsequent export via the Baku-Tbilisi-Ceyhan oil pipeline.

“The volume of oil shipped by the end of 2024 amounted to 1.4 million tons. The plan for the current year is 1.7 million tons of oil. This direction of cooperation between KMG and SOCAR contributes to the promotion of the transit potential of Kazakhstan and Azerbaijan, as well as the expansion of domestic hydrocarbon exports to international markets,” the statement reads.

In addition, the implementation of a strategic agreement on decarbonization between the companies was discussed.

“The document signed within the framework of COP29 held in Azerbaijan last year is aimed at developing cooperation in the field of decarbonization and the application of low-carbon technologies to reduce harmful emissions in the oil and gas sector,” KMG said.