KazMunayGas and CNOOC Signed an Agreement on Geological Exploration

In Astana, Chairman of the Board of KazMunayGas JSC (KMG) Askhat Khasenov met with Chairman of the Board of Directors of China National Offshore Oil Corporation International Limited (CNOOC) Wang Dongjing.

During the negotiations, the parties discussed issues of bilateral cooperation and approved future plans in the field of geological exploration.

Also, at the meeting, a document defining the main conditions of cooperation on the new "Zhylyoi" subsoil use project was signed. In particular, the two companies agreed to perform the following works in the underground section:

- 2D (400 longitudinal km processing and analysis) and 3D (field work, 400 square km processing and analysis) seismic exploration;
- Drilling of one saline exploratory well at a depth of 2000 m (independent phase);
- Drilling one sub-salt exploratory well (dependent phase) with a depth of 4500 m according to the results of 3D seismic exploration data.

According to the preliminary assessment of KMG, the geological resource potential of the subsoil area may amount to more than 185 million tons of oil.

The signing of the main cooperation terms confirms CNOOC's interest in joint implementation of the project. This step will open new opportunities for companies in the direction of hydrocarbon exploration.

The head of KMG emphasized the significance of the project for Kazakhstan.

"We are confident that this partnership established with one of the world's leading energy companies will give a new impetus to the development of the oil and gas sector of Kazakhstan. At the same time, the amount of foreign investments attracted to our country will increase. Because the exploration period is financed by CNOOC," A. Khasenov noted.

To remind, in August 2024 in Beijing, KMG and CNOOC signed an agreement on cooperation in the field of geological exploration. Thus, the companies showed interest in cooperation in this direction.

Reference:
China National Offshore Oil Corporation (CNOOC) is one of the world's leading oil and gas exploration and production companies. It actively cooperates with international partners and participates in the implementation of large projects in more than 20 countries.