BAKU, Azerbaijan, July 17. KazMunayGas (KMG)
and China's Sinopec International discussed the active
implementation of their joint subsoil exploration initiative,
focusing on Berezovsky block.
This was reflected in the statement of KMG, following the
meeting between the first Deputy Chairman of the Management Board
of JSC NC KazMunayGas (KMG), Kurmangazy Iskaziyev, with the
Chairman of the Board of Directors of Sinopec International, Li
Yahui.
"A central focus of the negotiations was the joint geological
exploration project at the Berezovsky block, located in the West
Kazakhstan region. The high-potential hydrocarbon site is being
developed on a 50/50 parity basis. Under the terms of the bilateral
partnership, the exploration phase is fully financed by the Chinese
corporation," the statement says.
According to the approved work program, the partners plan to
launch 2D seismic exploration covering 900 linear kilometers by the
end of the current year. Additionally, the minimum work program for
the complex block includes 3D seismic surveys and the drilling of
an ultra-deep exploratory well reaching a depth of 7,000
meters.
As part of their expanding geological exploration dialogue,
Sinopec expressed strong interest in conducting joint research
targeting deep-seated subsalt deposits within the broader
Pre-Caspian sedimentary basin. The deep subsalt structures of the
northern margin zone of the Caspian Basin present promising oil and
gas prospects, though they are characterized by highly challenging
geological and technological conditions.
The two executives also reviewed the ongoing operational
activities of their existing joint producing ventures, namely
Kazakhoil Aktobe and Ural Oil and Gas. Following the high-level
meeting, both KazMunayGas and Sinopec reaffirmed their commitment
to strengthening their strategic energy alliance and accelerating
key exploration and development timelines.
