KazMunayGas and Tatneft Sign Agreement of Intent on Karaton-Sarkamys Project

JSC NC “KazMunayGas” and Tatneft PJSC signed the Agreement of Intent on joint implementation of the Karaton-Sarkamys Project in Atyrau Region.

The agreement confirms the intention of KazMunayGas and Tatneft to cooperate for implementation of the Karaton-Sarkamys Prospecting and Exploration Project. The document was signed by Magzum Mirzagaliyev, Chairman of KMG’s Management Board, and Nail Maganov, Tatneft’s General Director, on 17 June in Saint Petersburg (Russian Federation) during the Saint Petersburg International Economic Forum. The signing ceremony was attended by Kazakhstan President Kassym-Zhomart Tokayev and Tatarstan President Rustam Minnikhanov.

If hydrocarbons are discovered, KMG’s resource base and subsequent production are expected to increase.

“We welcome Tatneft’s intention to act as KMG’s strategic partner under the Karaton-Sarkamys Project. Tatneft is one of the key partners for KazMunayGas. We actively develop our cooperation in various areas, which range from supplies of goods and equipment to management of oil recovery improvement at mature fields,” Mr. Mirzagaliyev noted during the signing of the Agreement.

“KazMunayGas and Tatneft have a long history of friendly partnership. We cooperate in a wide variety of areas. I am certain that our company’s technologies and competences in prospecting and exploration will help to successfully develop fields in Kazakhstan,” said Nail Maganov, Tatneft’s General Director.

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The Karaton-Sarkamys subsoil area is located in Atyrau Region next to such operating fields as Tengiz and Korolevskoye and a group of Embamunaigas fields.

In February 2022, Karaton-Sarkamys was included in the list of subsoil areas subject to hydrocarbons exploration and production, for which the subsoil use right will be granted to JSC NC “KazMunayGas”.