KazMunaiGas EP acquires oil&gas company
Azerbaijan, Baku, Dec. 28 / Trend E. Kosolapova/
Kazakh oil and gas company KazMunaiGas Exploration Production (KMG EP) acquired 100 percent of shares in Karpovskiy Severnyi JSC from GazMunaiOnim LLP, KMG EP reported on Wednesday.
"The purchase price is $59 million," the company said.
The deal was approved on Oct. 18, 2011 by the Board of Directors of KMG EP.
Karpovskiy Severnyi JSC is a subsoil use right holder under the Contract for Exploration of Oil, Gas and Condensate at Karpovskiy Severnyi contract area in the Western Kazakhstan region.
The Karpovskiy Severnyi Block covers an area of 1,669.2 square kilometres.
Total prospective recoverable resources of hydrocarbons of the block are estimated by KMG EP at 240 million boe: gas - 98 million boe (17 billion m3); oil and condensate - 142 million boe.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3million tons of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232milliont (1.7billion bbl), including shares in the associates - about 2.2 billion barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange.