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.
