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.