KazMunayGas, CNOOC agree on Zhylyoi project implementation terms
First Deputy Chairman of KazMunayGas JSC Kurmangazy Iskaziyev and Liu Bo, CNOOC General Manager for Projects in Russia and Central Asia, have signed an agreement on joint activity and a financing agreement, Kazinfotm News Agency reports.
The documents stipulate strategic partnership and terms for joint implementation of the new subsoil use project Zhylyoi located in the transit area of the northeastern part of the Caspian Sea.
This is the first time CNOOC invests in Kazakhstan economy, beginning namely with geological exploration project.
The partnership aims at joint implementation of the Zhylyoi project on a 50/50 parity basis, with the financing provided by CNOOC in the exploration period.
The minimum program of the planned geological exploration works includes:
- 3D seismological exploration (field works, processing and interpretation on an area of 400 square meters);
- processing of 2D historical data on an area of 400 line meters;
- drilling of one 2000m deep supra-salt exploratory well (independent stage)
- depending on the results of the 3D seismological data, drilling of one 4500m deep pre-salt exploratory well (dependent stage).
China National Offshore Oil Corporation (CNOOC) is one of the world's leading companies in the oil and gas industry, specializing in exploration and production. The company is engaged in the implementation of major projects in more than 20 countries.
In August 2024, KazMunayGas and CNOOC signed agreement on joint geological exploration. The document was signed during a working trip of the Chairman of the Management Board of KazMunayGas, Askhat Khassenov, to China.
