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KazMunayGas and CNOOC Signed Geological Exploration Agreement

23.10.2024

CEO of KazMunayGas (KMG) Askhat Khassenov met in Astana with the Chairman of the Board of Directors of China National Offshore Oil Corporation International Limited (CNOOC) Wang Dongjin.

During the discussions, they talked about the key cooperation aspects and forward geological exploration plans.

At the meeting, the parties signed the main terms of cooperation on the new Zhylyoi subsoil project, which included the basic project activities, agreed between the companies, as follows:

  • 2D (processing and interpretation of the data from 400 l.km) and 3D (field operations, processing and interpretation of the data from 400 square kilometers) seismic surveys;
  • drilling of one postsalt exploration well (independent stage) 2000 m deep;
  • drilling of one presalt exploration well (non-independent stage) 4,500 m deep based on the results of 3D seismic data.

According to the preliminary assessment made by KMG, the mineral site's oil reserves may be over 185 million tons.

The signed basic terms of cooperation serve a testimony of CNOOC's serious interest in joint project realization, which gives new hydrocarbons exploration opportunities to both companies.

KMG CEO highlighted the importance of this step for Kazakhstan:

«We believe that the partnership with one of the world's leading energy companies will ramp up the oil and gas industry of Kazakhstan and bring foreign investments to the country as the exploration will be financed by CNOOC», — said A.Khassenov.

In August 2024, KMG and CNOOC signed in Beijing a Geological Exploration Intent Agreement. Thus, the companies expressed their interest in joint activities in this area.

For info:

China National Offshore Oil Corporation (CNOOC) is one of the world leaders in the oil and gas industry, specializing in exploration and production. The company actively cooperates with international partners and participates in the large projects in more than 20 countries.

JSC NC KazMunayGas

CEO of KazMunayGas (KMG) Askhat Khassenov met in Astana with the Chairman of the Board of Directors of China National Offshore Oil Corporation International Limited (CNOOC) Wang Dongjin.

During the discussions, they talked about the key cooperation aspects and forward geological exploration plans.

At the meeting, the parties signed the main terms of cooperation on the new Zhylyoi subsoil project, which included the basic project activities, agreed between the companies, as follows:

  • 2D (processing and interpretation of the data from 400 l.km) and 3D (field operations, processing and interpretation of the data from 400 square kilometers) seismic surveys;
  • drilling of one postsalt exploration well (independent stage) 2000 m deep;
  • drilling of one presalt exploration well (non-independent stage) 4,500 m deep based on the results of 3D seismic data.

According to the preliminary assessment made by KMG, the mineral site's oil reserves may be over 185 million tons.

The signed basic terms of cooperation serve a testimony of CNOOC's serious interest in joint project realization, which gives new hydrocarbons exploration opportunities to both companies.

KMG CEO highlighted the importance of this step for Kazakhstan:

«We believe that the partnership with one of the world's leading energy companies will ramp up the oil and gas industry of Kazakhstan and bring foreign investments to the country as the exploration will be financed by CNOOC», — said A.Khassenov.

In August 2024, KMG and CNOOC signed in Beijing a Geological Exploration Intent Agreement. Thus, the companies expressed their interest in joint activities in this area.

For info:

China National Offshore Oil Corporation (CNOOC) is one of the world leaders in the oil and gas industry, specializing in exploration and production. The company actively cooperates with international partners and participates in the large projects in more than 20 countries.

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