Kazmunaygas, CNOOC To Launch Major Geological Exploration Project In Kazakhstan
Date
10/27/2024 12:10:30 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, October 27. Kazakhstan's
national oil company, KazMunayGas (KMG), and China National
Offshore Oil Corporation International Limited (CNOOC) have signed
an agreement to collaborate on a new geological exploration
project, Trend
reports.
The document, signed during a meeting between KMG Chairman Askar
Khasenov and CNOOC Chairman Wang Dongjin, outlines the key terms of
cooperation for the development of the "Zhylyoi" subsurface
block.
The agreement specifies several stages of geological work,
including 2D and 3D seismic surveys covering 400 linear kilometers
and 400 square kilometers, respectively, along with the drilling of
an initial exploration well to a depth of 2,000 meters. Depending
on the results of the 3D seismic data, a secondary well could be
drilled to a depth of 4,500 meters.
KMG estimates the geological resource potential of the
subsurface block to exceed 185 million tons of oil, positioning the
project as a significant opportunity for both companies in their
pursuit of hydrocarbons.
Chairman Khasenov emphasized the importance of this partnership
for Kazakhstan: "We are confident that this collaboration with one
of the world's leading energy companies will provide new momentum
for the development of Kazakhstan's oil and gas sector. It will
also attract foreign investment to our country, as CNOOC will
finance the exploration phase," Khasenov noted.
Meanwhile, in August 2024, KazMunayGas and CNOOC signed a
Memorandum of Understanding in Beijing, expressing their mutual
interest in geological exploration.
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