KazMunayGas denies talks with ExxonMobil on Kashagan expansion

Kazakhstan's national oil and gas company KazMunayGas (KMG) is not holding negotiations with US energy giant ExxonMobil on the expansion of the Kashagan oil field, KMG Chairman of the Management Board Askhat Khassenov said, as quoted by Report's Kazakhstan bureau.

"This information is inaccurate. I read the report, and as KazMunayGas we do not confirm it," Khassenov told journalists on the sidelines of a meeting of the Samruk-Kazyna public council.

At the same time, he said ExxonMobil remains one of KMG's key partners, with the two companies having signed several agreements related to technology development.

Earlier, Bloomberg reported that ExxonMobil was considering investing around $80 billion in the development of the western part of the Kashagan field. The agency linked the potential investment to the possible settlement of a dispute worth about $150 billion between Kazakhstan and international oil companies.