Kazmunaygas, CNPC Seal Deal To Enhance Oil And Gas Cooperation

7/10/2024 2:19:45 AM

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, July 10. KazMunayGas (Kazakhstan's national oil and gas company) and China National Petroleum Corporation (CNPC) have signed a framework agreement to deepen cooperation in the oil and gas industry, Trend reports.

The signing took place on the sidelines of the seventh meeting of the Kazakh-Chinese Business Council.

The framework agreement stipulates that the parties will explore the possibilities for processing hydrocarbons from the Central Urikhtau field at the Zhanazhol oil and gas processing complex (CNPC-Aktobemunaigas).

In addition, the parties intend to explore the prospects for cooperation in petrochemical projects, as well as the exploration and production of oil and gas in the Caspian sedimentary basin, and the geological exploration of new subsoil areas.

The parties also plan to hold annual Kazakh-Chinese seminars on the exchange of technologies for exploration and development of oil and gas fields, strengthen cooperation in personnel training, and exchange experience.

Furthermore, Kazakhstan produced 90 million tons of oil in 2023, which is 6.9 percent higher than in 2022. Oil exports also increased and amounted to 70.5 million tons, which is 9.6 percent more than the previous year. Moreover, Kazakhstan plans to increase oil production in 2024 to 90.3 million tons.

In 2023, gas production in Kazakhstan amounted to 59.063 billion cubic meters, including large fields such as Tengiz (16.009 billion cubic meters), Karachaganak (22.385 billion cubic meters), Kashagan (11.856 billion cubic meters), and others (8.813 billion cubic meters). Kazakhstan is projected to produce 60.456 billion cubic meters of raw natural gas in 2024.

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