ASTANA, Kazakhstan, April 30. In Kazakhstan’s Astana, Kurmangazy Iskaziev, the First Deputy Chairman of the Management Board of KazMunayGas, and Liu Bo, the General Manager for Projects in Russia and Central Asia at CNOOC, signed a Joint Activity Agreement and a Financing Agreement, Trend reports.
The documents formalize a strategic partnership and the terms for the joint implementation of a new subsoil use project, "Zhylyoi," located in the transit zone of the northeastern part of the Caspian Sea.
Meanwhile, it is noteworthy that CNOOC is entering Kazakhstan for the first time with investments, starting specifically with a geological exploration project.
The partnership provides for the joint implementation of the "Zhylyoi" project on a 50/50 parity basis, with CNOOC ensuring the financing of the exploration phase.
"The minimum work program for the planned geological exploration works includes: 3D seismic surveys (fieldwork, processing, and interpretation of 400 sq. km); reprocessing of historical 2D data over 400 linear km; drilling of one above-salt exploration well (independent phase) with a depth of 2,000 m; depending on the results of the 3D seismic data, drilling of one below-salt exploration well (dependent phase) with a depth of 4,500 m," KazMunayGas reported.
CNOOC (China National Offshore Oil Corporation) is one of the global leaders in the oil and gas industry, specializing in exploration and production. The company actively collaborates with international partners and participates in large-scale projects in more than 20 countries.
