BAKU, Azerbaijan, Sept. 30
Trend:
General Director of the Russian Zarubezhneft JSC Sergey Kudryashov and Chairman of the Board of the KazMunayGas (KMG) National Company Alik Aidarbayev signed an agreement of intent to implement joint investment projects, Trend reports citing the Kazakh media.
Cooperation issues were discussed by the companies at the site of St. Petersburg International Economic Forum SPIEF-2021, where an agreement was reached on the analysis of assets offered by KazMunayGas for consideration. KMG's portfolio consists mainly of mature fields, which determines the priority of exploration in the long-term strategy of maintaining a stable level of production. In the future, the parties plan to agree on the terms of entry on the principle of fairness and break-even projects in general for all participants.
“Kazakhstan is a priority for us in terms of finding new investment opportunities. We are connected not only by territorial proximity and historical community but also by the high qualifications of experts in the oil and gas sector. By the way, the CIS region is of particular interest to Zarubezhneft in terms of the development of joint projects. Since 2019, we have been successfully implementing a project in Uzbekistan together with the state-owned company Uzbekneftegaz,” said Sergey Kudryashov, Zarubezhneft General Director.
Zarubezhneft is a Russian oil and gas company of strategic importance with a rich history and unique, more than 50 years of experience in foreign economic activity. For almost 40 years, the company has been successfully developing the continental shelf of the south of Vietnam as part of the Vietsovpetro joint venture.
Other projects include the development of fields in the Nenets Autonomous Okrug (district) within RUSVIETPETRO JV and the Production Sharing Agreement (PSA) for the Kharyaga field, the use of advanced technologies for the production of high-viscosity grades of oil in Cuba, enhanced oil recovery at mature fields in Uzbekistan, as well as the implementation of projects on the shelf Egypt and Indonesia.
In addition, the company operates in the Refining and Marketing segment in the Republic of Srpska (Bosnia and Herzegovina), has its own design institutes for underground and surface development of oil and gas fields, as well as service companies.
KazMunayGas National Company JSC is the leading vertically integrated oil and gas company in Kazakhstan. The shareholders of NC KazMunayGas JSC are the National Welfare Fund Samruk-Kazyna Joint Stock Company (90.42 percent) and the National Bank of Kazakhstan (9.58 percent). The national company provides 25 percent of oil and gas condensate production in the country, as well as 15 percent of natural and associated gas production. Its main pipelines transport 56 percent of Kazakhstan's oil and 77 percent of gas. The share of the volume of oil refining at the refineries of Kazakhstan is 81 percent. The number of personnel is over 70,000 people.