KMG and CNOOC discuss Zhylyoi project and future cooperation
Kazakhstan’s national oil and gas company KazMunayGas (KMG) and China’s China National Offshore Oil Corporation (CNOOC) have discussed the progress of their joint exploration projects and prospects for expanding cooperation, Qazinform News Agency cites the press service of KMG.
KMG Chairman Ashat Khassenov met with CNOOC Chairman Zhang Chuanjiang in Astana to review bilateral cooperation, including the Zhylyoi geological exploration project in the northeastern Caspian Sea.
The project is being implemented on a 50/50 basis, with Chinese partners financing the exploration phase. An operating company, Zhylyoi Operating LLP, has already been established.
The partners are currently reprocessing and reinterpreting 400 linear kilometers of historical 2D seismic data, while preparations are nearing completion for 400 square kilometers of 3D seismic surveys. The location of the first exploration well will be determined after the 3D data is processed and interpreted.
KMG said the Zhylyoi project marks CNOOC’s first investment in a geological exploration project in Kazakhstan. The companies also discussed potential CNOOC participation in other KMG exploration projects.
The meeting also covered cooperation in oilfield services. KMG subsidiary KMG Drilling & Services and China Oilfield Services Limited (COSL) are expanding collaboration in drilling, well servicing, new technologies, localization and workforce training.
Earlier, Qazinform reported Azerbaijan and CNOOC discussed expanding energy cooperation.