KMG and CNOOC reach agreement on Zhylyoi ProjectKazakhstan’s national oil and gas company KazMunayGas (KMG) and China’s CNOOC have reached agreement on the Zhylyoi project in the northeastern part of the Caspian Sea, KMG said in a Wednesday press release.According to the statement, KMG First Deputy CEO Kurmangazy Iskaziyev and CNOOC’s General Manager for Russia and Central Asia Liu Bo have signed an agreement on joint activities and an agreement on project financing.The documents were inked in Astana on Wednesday."The documents solidify the strategic partnership and outline the terms for the joint operation of the Zhylyoi Project, which is located in the transitional zone of the northeastern Caspian Sea," the press release says.It is the first time ever when CNOOC makes investment in Kazakhstan, starting with a geological exploration project, the Kazakh company said."The goal of the partnership is to implement the Zhylyoi Project on a parity basis, with CNOOC financing the exploration phase," KMG’s press service said.According to KMG, the minimum scope of work will include 3D seismic surveys (fieldwork, processing and interpretation of date covering 400 sq. km); re-processing of 400 line km of historical 2D data; drilling of one pre-salt exploration well (independent phase) to a depth of 2,000 meters; and drilling, depending on 3D seismic results, of one sub-salt exploration well (dependent phase) to a depth of 4,500 meters.National Company KazMunayGas JSC is the national operator for exploration, production, processing and transportation of hydrocarbons. The company represents the state interests in the oil and gas sector of Kazakhstan.CNOOC (China National Offshore Oil Corporation) is a global leader in oil and gas, specializing in exploration and production. The company actively collaborates with international partners and is involved in major projects across more than 20 countries. (ICE ALMATY)

Fonte notizia: INTERFAX