Kazakhstan, Astana / Trend corr K. Konyrova / The Exploration and Production KazMunayGas joint stock company has no intentions to obtain oil and gas assets in Turkmenistan, the Deputy Director General on Economyn and Finance of the company, Janet Bekejanova, stated.
According to the Minister for Energy and Natural Resources of Kazakhstan, Baktikoja Izmukhambetov, in a recent speech in the parliament, $650mln of $2bln involved by the company from the London Stock Exchange will be spent for purchasing oil and gas assets in Turkmenistan. The stock of the Exploration and Production KazMunayGaz had been listed at the Kazakhstan Stock Exchange, while the global deposit receipts were listed at the London Stock Exchange.
The total number of the company's stock comprises 70,220,935, with 61.36% belonging to KazMunayGas. The number of the privileged stock is 4,136,107.
"The funds we have received from the London Stock Exchange are in our company's account. A part of them has been used to pay for the obtained assets," Bekejanova said.
The joint venture Kazgermunay is enabled to develop three gas fields - Akshabulak, Nurali, and Aksay. The reserves are assessed at 41mln tons of oil (310mln of barrels). The fields are a quite new source of oil and they have only been in operation for ten years, with an annual production of 3mln tons of oil (60mln barrels per 24 hours).
Last year the KazMunayGas purchased 50% of the assets and resold them to the Exploration and Production KazMunayGas subsidiary company.
Ms. Bekejanova noted that the company had no plans to interfere with Turkmenistan and added that the extension of the company's involvement was restricted to purchasing new assets.