BAKU, Azerbaijan, April 19. Kazakhstan's state-owned oil and gas KazMunayGas company and China's Sinopec International Energy Investment Ltd. plan to sign an agreement on cooperation in geological survey of the subsoil and geological exploration in Kazakhstan, Trend reports via the KazMunayGas.
This was discussed at the meeting between Chairman of the Board of KazMunayGas Magzum Myrzagaliev and Deputy Director General of Chinese Sinopec International Energy Investment Ltd. Zhao Xuan.
Along with the projects on geological subsoil survey, the document aims to cover promising exploration projects and investigate understudied sedimentary basins on the territory of Kazakhstan.
In addition, the parties intend to exchange experience in the field of geological exploration. This exchange of experience includes such practical areas of cooperation as geological and techno-economic assessment of promising sites, new technologies, and digitalization of exploration processes, as well as mutual visits to research institutes, data centers, fluid and core analysis laboratories, and production facilities.
It was noted that thanks to the extensive experience of Sinopec, which is one of the world's leading oil and gas companies, the specialists at KazMunayGas will be able to increase their professional competence in the field of new technologies and approaches to geological exploration and further implement them within the company.
Moreover, at the meeting, the prospects for the participation of Chinese partners in Kazakhstan's Urikhtau project [natural gas field in the Aktobe Region of Kazakhstan] and in the construction of gas processing plants were also discussed.
The fields are being developed by KazakhOil Aktobe LLP, with KazMunayGas and Sinopec's Caspian Investments Resources Ltd. participating equally.