ASTANA, Kazakhstan, November 15. KazMunayGas (KMG) and Uzbekneftegaz (UNG) have reached an agreement on the principles of the Zharkyn geological exploration project in Kazakhstan, Trend reports via KazMunayGas.
The agreement was signed during the state visit of Kazakh President Kassym-Jomart Tokayev to Uzbekistan.
The Zharkyn hydrocarbon block is located in the Mangystau region of Kazakhstan. As part of earlier geological studies, KMG conducted a 2D seismic survey spanning 1,275 linear kilometers, which identified promising structures in the area. Under the new agreement, KMG and UNG plan to drill two exploration wells, each with a depth of 2,000 meters.
According to KMG, this is the first joint geological exploration project between the two national oil and gas companies and aims to strengthen energy cooperation between Kazakhstan and Uzbekistan.
The agreement outlines the key terms of the strategic partnership, with both companies agreeing to a 50/50 partnership on the project. The Uzbek side will finance the exploration phase of the project.