KazMunayGas, SINOPEC agree on Berezovskiy project implementation terms
First Deputy Chairman of the Management Board of JSC NC KazMunayGas Kurmangazy Iskaziyev met on June 16 with the President of Sinopec-Kazakhstan, Zhao Quanmingen, to discuss prospects for cooperation between the two companies in various areas, in particular, in geological exploration projects, Kazinform News Agency reports.
Upon completion of the meeting, KMG and SINOPEC signed agreements on joint activities and financing Berezovskiy project in the West Kazakhstan region. The documents outline strategic partnership and terms of joint implementation of the new project.
The companies agreed to implement the project on a 50/50 parity basis, with SINOPEC fully financing the exploration stage.
The work program includes 2D seismic survey covering 300 linear kilometers and drilling of a well at a depth of 7,000 meters.
The Berezovsky site is located in the northern flank of the Caspian basin, where promising oil and gas deposits are located in complex subsalt structures. These sites are characterized by a great depth and complexities in exploration and drilling.
According to KazMunayGas, SINOPEC has extensive experience in geological exploration, drilling and development of deposits at great depth.
Kurmangazy Iskaziyev expressed confidence in successful implementation of the plans for geological exploration of the Berezovskiy site.