ASTANA, Kazakhstan, December 15. KazMunayGas (KMG) and Geoenergija Razvoj, a subsidiary of Croatian Hydrocarbon Agency (CHA), are finalizing key documentation, including joint activity and financing agreements on the Shygys geological exploration project located in Kazakhstan’s Aktobe Region, Trend reports via KMG.
The issue was discussed during a meeting in Astana between KMG Management Board Chairman Askhat Khasenov and CHA Head Marijan Krpan.
CHA expressed a keen interest in Shygys subsequent to their experts conducting a thorough analysis of the geological data disseminated by KMG during its international roadshow, coupled with an autonomous assessment of the site's prospective viability. In the context of the partner selection framework, Geoenergija Razvoj has submitted an application to engage in the project initiative.
Concurrently, KMG indicated that it is persistently engaging in the re-evaluation of legacy 2D seismic datasets as an integral component of subsurface analysis within the framework of the Shygys initiative.
KMG has initiated a quest for a synergistic collaborator to co-execute the Shygys initiative, slated for rollout in October 2025.
The Shygys geological exploration project, initiated by Kazakhstan's national oil and gas company KazMunayGas (KMG), aims to explore hydrocarbon resources in the Aktobe region. Covering 2,415 square kilometers, it seeks to enhance the country's hydrocarbon reserves and production potential.
Geoenergija Razvoj d.o.o., a subsidiary of the Croatian Hydrocarbon Agency, aims to enhance Croatia's energy security by pursuing energy projects that domestic resources cannot support. It focuses on international investments, particularly in oil and gas exploration in Kazakhstan, and oversees sustainable energy transition projects, including carbon capture and storage and hydrogen initiatives. The company targets areas with limited private market involvement, serving as the operational and commercial arm of the state to diversify the national energy mix and increase energy independence.
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