BAKU, Azerbaijan, Jul.7
By Nargiz Sadikhova - Trend:
Kazakhstan’s KazMunayGas and ВР have identified areas of mutual interest to hold geological exploration within the agreement of intent signed in the beginning of 2020, Deputy Chairman of the KazMunayGas (KMG) Management Board for Strategy Dastan Abdulgafarov said, Trend reports with reference to Forbes Kazakhstan.
Abdulgafarov said that KMG together with its strategic partners is continuing work on assets development.
In particular, he noted the Zhenis project the subsoil use contract on which was signed together with Russian LUKOIL and Kazakhstan’s Ministry of Energy in 2019. He also noted that KMG jointly with Italy’s ENI signed a contract with Kazakh Ministry of Energy for exploration and development of the Abai section.
“The preparatory work to drill the first exploratory wells within these projects is being carried out. As a whole the work is going according to the plan,” Abdulgafarov said.
He also talked an agreement of intent signed with BP in early 2020, within which BP has expressed its readiness to conduct exploration and production in Kazakhstan together with KMG.
“Areas of mutual interest have been identified, an assessment has been carried out and negotiations are planned to obtain an exploration and production contract,” he said.
He also noted that currently a geological study of Kazakhstan’s oil and gas basins is being carried out together with companies such as Equinor, Lukoil, Chevron, etc.
“No doubt that during lower oil prices period, the company is obliged to take anti-crisis measures in all areas, including exploration, to ensure its own stability. To date, work has been done on ranking the risks and capital intensity of new projects. Based on the results, appropriate decisions were made to continue work in the most promising areas, taking into account the presence of partners for sharing risks,” Abdulgafarov said.
KazMunayGas National Company is Kazakhstan's national operator for exploration, production, refining and transportation of hydrocarbons, representing the state in Kazakhstan's petroleum sector.
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