BAKU, Azerbaijan, June 25. Kazakhstan's KazMunayGas national company has signed a contract with the country's Ministry of Energy for hydrocarbon exploration and production in Karaton Podsolevoy subsoil blocks, Trend reports.
KazMunayGas, having its securities listed on the KASE (Kazakhstan Stock Exchange), and in line with rules of the exchange, informed it about the contract.
According to the contract, on June 21, 2023, the Ministry of Energy of the Republic of Kazakhstan and KazMunayGas signed a deal for exploration and production of hydrocarbons at the Karaton Podsolevoy subsoil blocks located in Atyrau and Mangystau regions.
Overall, recently KazMunayGas has been paying close attention to the exploration of the subsoil. For instance, in May the company signed an agreement in the field of geological exploration of the subsoil of the country with China's Sinopec International Energy Investment Limited (Sinopec).
The document assumes a joint study of 17 exploration sites located within the main and poorly studied sedimentary basins.
Furthermore, KazMunayGas also signed a Memorandum of Understanding with Shell Kazakhstan B.V., the subsidiary of Shell PLC.
Reportedly, the areas of cooperation will include geological exploration and development, including conducting a comprehensive geological study of promising areas and a geological study of the subsoil on the territory of Kazakhstan.
