ASTANA, Kazakhstan, October 29. The Chinese CNODC, a subsidiary of CNPC, plans to explore the geological potential of the eastern Caspian Basin in partnership with Kazakhstan, Trend reports.
At the second technical seminar on geological exploration and enhanced oil recovery in the Kyzylorda region of Kazakhstan, a confidentiality agreement was signed between JSC NC "KazMunayGas" and CNODC for a joint study of the eastern Caspian Basin’s geological potential.
The event was attended by key officials, including Kyzylorda region Akim Nurlibek Nalibayev, Chairman of JSC NC "KazMunayGas" Askhat Hasenov, Vice Minister of Energy Kudaibergen Arymbek, Deputy General Director of CNPC Zhang Dawei, CNODC General Director He Wenyuan, and leading industry experts.
The joint research aims to identify promising areas for geological exploration.
Additionally, the Kyzylorda regional administration, the Ministry of Energy, and the KazgerMunai joint venture signed a memorandum to implement an investment project focused on regional socio-economic development. The project also includes plans to process raw gas from other fields at KazgerMunai’s gas processing facilities, boosting domestic liquefied petroleum gas (LPG) supplies. This collaboration is expected to attract gas sector investments, stabilize LPG supplies in Kyzylorda, secure jobs, and increase regional tax revenues.
Meanwhile, CNPC has extensive experience in deep geological exploration. In May 2023, CNPC began drilling the Shenditake-1 well in the Tarim Basin to a depth of 10,000 meters. Chinese direct investment in Kazakhstan reached $1.7 billion in 2023, marking a 15.3 percent increase over the same period in 2022 ($1.4 billion).