BAKU, Azerbaijan, July 31. China's Sinopec has
expressed interest in expanding cooperation on geological
exploration projects with Kazakhstan's national oil and gas company
KazMunayGas (KMG), KMG reports.
The issue was discussed during a meeting between KMG Chairman
Askhat Khassenov and Sinopec Group Chairman Hou Qijun as part of
Khassenov's working visit to Beijing.
"Sinopec is currently KMG's strategic partner in the Berezovsky
exploration project in Kazakhstan's West Kazakhstan region. The
project is being implemented on a 50/50 basis, with the Chinese
company financing the exploration stage", KMG said.
According to the agreed work plan, 900 line kilometers of 2D
seismic surveys are scheduled to begin before the end of this year.
The minimum work program also предусматривает 300 square kilometers
of 3D seismic surveys to support the planning of a complex
ultra-deep exploration well with a target depth of 7,000
meters.
The parties also reviewed progress on the construction of
Kazakhstan's polyethylene plant, which will have an annual
production capacity of 1.25 million tons. Construction is currently
underway on the project's two key process units - pyrolysis and
polymerization - while the first pieces of oversized equipment have
already been delivered to the site. Overall project completion has
exceeded 34%, with work proceeding according to schedule.
In addition, the sides discussed the operations of their joint
oil-producing venture, Kazakhoil Aktobe. Under its production
growth strategy, the company aims to increase annual oil output
from 500,000 tons to 800,000 tons by 2028 through the deployment of
advanced geological and engineering solutions, including drilling
new vertical, directional, and horizontal wells.
The meeting also covered opportunities for cooperation in carbon
capture, utilization and storage (CCUS) technologies. KMG expressed
interest in establishing a joint working group to develop CCUS
projects by leveraging Sinopec's expertise.
