QazaqGaz, CNPC launch geological exploration at Northern-1 block
As part of the visit of the China National Petroleum Corporation (CNPC) delegation to Kazakhstan, led by CNPC Chairman Dai Houliang, QazaqGaz and CNPC-Aktobemunaigas signed a framework cooperation agreement, Kazinform News Agency learned from the press service of QazaqGaz.
The agreement outlines plans for subsurface exploration at the “Northern-1” block in the Aktobe region.
The document was signed on June 15 by Ulan Burkitov, Deputy Chairman of the Management Board of QazaqGaz for Exploration and Strategic Projects, and Li Shufen, General Director of CNPC-Aktobemunaigas.
Sanjar Zharkeshov, Chairman of the Management Board of QazaqGaz, and CNPC Chairman Dai Houliang attended the ceremony
The agreement paves the way for joint geological exploration at the “Northern-1” block, with the project to be 100% carry-financed by the Chinese partner.
“Northern-1” is considered a promising site for gas reserves exploration in Kazakhstan. Under the carry-financing model, CNPC will cover all upfront costs, significantly reducing financial risk for the Kazakh side.
CNPC already maintains a strong presence in Kazakhstan’s oil and gas sector, spanning upstream, midstream, and downstream operations. This new agreement with QazaqGaz marks another step forward in strengthening the strategic energy partnership between the two countries.
CNPC (China National Petroleum Corporation) is a major state-owned energy company and the largest oil and gas producer and supplier in China. As one of the world’s leading integrated energy groups, CNPC operates in over 30 countries globally.
In early June, delegations of QazaqGaz and China National Petroleum Corporation (CNPC) held negotiations on further development of partnership. The sides discussed the plans for expanding cooperation, with special attention given to the promising projects in gas exploration and production. The point at issue was the development of new sites and strategies for enhancing gas resource base in Kazakhstan.
