ASTANA, Kazakhstan, May 29. Chairman of the
Management Board of KazMunayGas (KMG) Askhat Khassenov and Liu
Yongjie, head of CNOOC International Limited, discussed prospects
for strengthening cooperation in oil and gas exploration and
production, Trend
reports via KMG.
The sides reviewed ongoing joint projects, including the
implementation of the subsoil use contract for the Zhylyoi block,
located in the transition zone of the northeastern part of the
Caspian Sea.
A joint venture, Zhylyoi Operating LLP, was previously
established to implement the project. At present, work is underway
on the reprocessing and reinterpretation of historical 2D seismic
data covering 400 linear kilometers, as well as the approval of
project documentation and preparation for 3D seismic surveys over
an area of 400 square kilometers.
Plans also include drilling an over-salt exploration well to a
depth of 2,000 meters. Depending on the results of the 3D seismic
data, a deeper under-salt exploration well of 4,500 meters is also
planned.
The project marks the first entry of major Chinese company CNOOC
into Kazakhstan’s upstream sector through geological exploration
investments. Minimum investment at the exploration stage is
estimated at around $31.5 million. The partnership is structured on
a 50/50 basis, with CNOOC financing the exploration phase.
According to KMG, Chinese partners are currently reviewing
several other promising exploration blocks offered by KMG.
