Kazakhstan, Astana, 5 Dec / Trend , corr. K.Konirova /The KazMunayGas (KMG) national company, Exploration and Production KMG and BG Group Plc signed an agreement on joint exploration of a range of capabilities in the exploration and production spheres, special correspondent of Trend reported.
The agreement on cooperation in the spheres of exploration and production, which was signed with participation of Kazakh Prime Minister Karim Masimov, set principles on the joint exploration of hydrocarbon reserves potential in different areas of Kazakhstan and other countries.
"Companies will cooperate to determine the possibilities for the joint participation in the promising projects in the sphere of exploration and production of oil and gas. Joint group will estimate concrete purposeful regions and will manufacture recommendations for partners with respect to selection of sections, promising for exploration and production", the press relize of the company said.
"The signed agreement on cooperation in the sphere of exploration and production will play important role in realization of our strategy at international markets. We hope for further extension of our interrelations with BG Group Plc," Kairgaldi Kabildin, the President of KMG, said.
"Exploration and Production KMG has large work experience in the sphere of exploration and production in the territory of Kazakhstan. The cooperation with BG Group Plc will allow us to participate in the large-scale international projects and to reach new level of development," Askar Baljanov, the Director General of Exploration and Production KMG, said.
In its turn, executive Vice President and controlling manager of BG Group Plc for Europe and Central Asia Mark Karn noted: "The signing of these agreements became possible because of the significant long-range investments of BG Group Plc into one of is most dynamically developing and attractive economies of region. We are glad the possibility of closer cooperation with KMG in Kazakhstan and outside."
KazMunayGas JSC is national company operating in exploration, production, processing and transportation of hydrocarbons and represents the state interests in the oil and gas spheres in Kazakhstan. 100% of assets of KazMunayGas belong to the 'Samruk-Kazina National Welware Fund'.
KazMunayGas is one of the three oil producing leader companies in Kazakhstan. Company produced 10.6mln tons (215,000 barrels per day) in 2007 taking into consideration shares in the Kazgermunay and CCEL (Karajanbasmunay) companies. The volume of proved and probable reserves of KazMunayGas is 240mln tons (1.8bln barrels) as for the end of 2007 and taking into consideration shares in depending companies - over 2bln barrels. Company's shares passed listing in the Kazakhstan Stock Exchange during IPO in Sept 2006. Company managed to draw $2bln.
BG Group Plc is the world leader in the production of natural gas. The company's strategy is to deliver resources on certain high-competitive markets. BG Group Plc operates in 27 countries in five contingents. Company's main directions are exploration and production, production of liquid natural gas, transportation and distribution, as well as production of electric energy.
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