KazMunayGas, Uzbekneftegaz sign agreement on Zharkyn project
On November 15, in Tashkent, on the margins of the state visit of President Kassym-Jomart Tokayev to the Republic of Uzbekistan, JSC NC KazMunayGas (KMG) and JSC Uzbekneftegaz (UNG) entered into an Agreement on Principles for the Zharkyn project, Kazinform News Agency reports.
The document was signed by Chairman of the Management Board of KMG Askhat Khassenov and Chairman of the Management Board of UNG Bahodirjon Siddiqov.
According to the KMG press service, the Zharkyn site is located in the Mangystau region. Earlier, within the framework of geological exploration, KMG carried out 2D seismic surveys on this site covering 1,275 linear kilometers, as a result of which promising structures were identified. According to the agreements reached, KMG and UNG plan to drill two exploratory wells, each with a depth of 2,000 meters.
Zharkyn is the first joint project of the two countries’ national oil and gas companies in geological exploration. The initiative is aimed at strengthening energy cooperation between Kazakhstan and Uzbekistan.
The agreement outlines the main conditions of strategic partnership for the project. KMG and UNG agreed to implement the project on a parity basis (50/50), with the Uzbek side providing financing for the exploration period.
Earlier, Kazinform News Agency reported that Kazakhstan and Uzbekistan signed a package of key agreements as part of the Kazakh President's state visit to Tashkent.
