Azerbaijan, Baku, August 31 / Trend /
Editor's Note: Details were added
JSC "KazMunaiGas Exploration Production" (KMG EP) and BG Group plc (BG Group) today announced the signing of an agreement to farm-in into a BG Group operated licence in the United Kingdom Central North Sea which contains the White Bear prospect. KMG EP is acquiring a 35 percent interest in the licence.
KMG EP farm-in financial risks including drilling costs and other project liabilities at the HC pre-discovery stage are estimated at $25-30 million.
KMG EP Chief Executive Officer Mr. Kenzhebek Ibrashev said this agreement marks the first entry of KMG EP into international operations outwith Kazakhstan. It also provides us with access to BG Group's offshore skills, techniques and experience which is important to our mid and longer-term development and to our future expansion of exploration and production activity into the offshore Caspian Sea.
The agreement was signed today in Astana by KMG EP Chief Executive Officer Mr. Kenzhebek Ibrashev and BG Group Senior Vice President Central Asia and President BG Kazakhstan, Mark Rollins.
The licence carries an outstanding commitment to drill one further exploration well and the partners plan to drill this well in the first half of 2011, the second well - the second half of 2011.