ASTANA, Kazakhstan, June 24. The Ministry of Energy of Kazakhstan, KazMunayGas, and CNOOC Hong Kong Holding Limited (a subsidiary of CNOOC Limited) have signed a Hydrocarbon Exploration and Production Contract as part of the complex "Zhylyoi" project, located in the transit zone of the northeastern part of the Caspian Sea, Trend reports via KazMunayGas.
According to the information, the document was signed by Deputy Minister of Energy Kudaibergen Arymbek, First Deputy Chairman of the Management Board of KazMunayGas Kurmangazy Iskaziyev, and on behalf of CNOOC Hong Kong Holding Limited, Vice President of CNOOC Limited Liu Yongjie.
This event marks an important milestone in the development of the strategic partnership between Kazakhstan and China in the oil and gas sector.
“A major Chinese company, CNOOC, is entering Kazakhstan for the first time with investments, starting precisely with a geological exploration project. The partnership envisions the joint implementation of the Zhylyoi project on a 50/50 parity basis, with CNOOC financing the exploration phase,” KazMunayGas stated.
The minimum work program of the planned geological exploration includes:
3D seismic exploration (fieldwork, processing, and interpretation of 400 sq. km);
Reprocessing of historical 2D data (400 linear km);
Drilling one above-salt exploration well (independent phase) with a depth of 2000 m;
Depending on the results of the 3D seismic data, drilling one below-salt exploration well (dependent phase) with a depth of 4500 m.
CNOOC (China National Offshore Oil Corporation) is one of the world leaders in the oil and gas industry, specializing in exploration and production. The company actively cooperates with international partners and participates in the implementation of large projects in more than 20 countries.
