BAKU, Azerbaijan, February 13. Kazakhstan’s national oil and gas company KazMunayGas and Shell Kazakhstan B.V., the subsidiary of Shell PLC, signed a Memorandum of Understanding, Trend reports, citing KazMunayGas.
The MoU was signed to foster collaboration on the matter of the future development of Kazakhstan’s oil and gas sector on mutually beneficial terms.
The document was signed by the KazMunayGas CEO Magzum Mirzagaliev and German Burmeister, Head of Shell in Kazakhstan.
“The signing of the MoU will make an additional contribution to strengthening the strategic partnership and interaction between our companies. We hope to utilize the vast experience of Shell in the implementation of joint projects in various areas of the oil and gas industry in Kazakhstan,” Mirzagaliev said.
The areas of cooperation will include geological exploration and development, including conducting a comprehensive geological study of promising areas and geological study of the subsoil on the territory of Kazakhstan, utilizing opportunities for joint development of projects in Kazakhstan, as well as analyzing the latest developments in the extractive industry in terms of contracting and procurement, environmental standards and similar regulatory aspects that have the potential to improve and accelerate growth opportunities in Kazakhstan.
Shell is one of the major companies operating in oil and gas production. The company employs 80,000 people in 70 countries. One of the major areas of focus for Shell is to develop sustainable energy sources.
KazMunayGas is the state-owned oil and gas company of Kazakhstan. It was formed by the decree of the President of Kazakhstan dated 20 February 2002 through the merger of Kazakhoil CJSC and Oil&Gas Transportation CJSC.