BAKU, Azerbaijan, January 20. Kazakhstan's “KazMunayGas” (KMG) is considering strategic partnerships with both leading foreign and local companies regarding exploration stage of five local promising oil and gas reserves to share costs and geological risks associated with geological research, KazMunayGas told Trend.
At the end of 2022, KMG initiated primary exploration for the first time as part of the geological study of the subsoil at five exploration sites, including the potential oil and gas reserves of Berezovsky, Mugodzhary, Zharkyn, Northern Ozen, and Bolashak.
“A virtual data room, which allows potential partners to get acquainted with the available geological and geophysical data in order to make a decision on entering into these projects, is operational”, the source said.
However, KMG, as a national company, has a mechanism for “reserving” the territories for the subsequent receipt of contracts for subsoil use within the identified new promising areas.
According to the source, launching primary exploration at five previously underexplored potential oil and gas sites is significant within the company's development strategy.
“This is a reserve for the future, necessary to support the continuous development of the Company in terms of the growth of hydrocarbon reserves”, KMG noted.
JSC NC KazMunayGas is the state-owned oil and gas company of Kazakhstan. It was formed by the decree of the President of Kazakhstan dated 20 February 2002 through the merger of Kazakhoil CJSC and Oil&Gas Transportation CJSC.