Kazakh ministry: KMG plans to establish JV to work in North Sea

Oil&Gas Materials 28 August 2010 11:05 (UTC +04:00)

Kazakhstan, Astana, Aug. 28 / Trend S.Suleymanov /

The Kazakh National Company KazMunaiGas (KMG) and BG Group Plc are in talks to establish a joint venture (JV) to work in the North Sea, Kazakh Oil and Gas Ministry Executive Secretary Kanatbek Safinov said.

"The sides negotiate on this issue," he said.

"Kazakhstan is interested in creation of JV to work in the North Sea to acquire the necessary experience and technology of deep-water oil production," Safinov said.

The North Sea is one of the most important energy sources for Norway and the UK, the Netherlands and several other European Union countries. Recoverable reserves amounts to about 20 billion barrels.

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