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KazMunaiGas Exploration Production (KMG EP) has decided to quit the White Bear project, Tengrinews reports citing the company's CEO Abat Nurseitov.
“Yes, we are quitting the project because our hopes and calculations had not been justified and the well was dry. The company that offered us this project has already quit. We are preparing the required documents to quit the project for the next Directors' Board meeting,” Nurseitov said.
“We quit the Iranian project too due to political risks that were very high there. When evaluating a large-scale international project it is important to consider the political risks, stability of the country and the approaches common for the government of the country. Other risks are taken into consideration, too,” Nurseitov explained.
The White Bear prospect is a gas condensate structure located close to the BG Group’s existing Everest and Armada producing assets in the North Sea.
In 2008, KMG, KMG EP and British Gas signed an agreement on cooperation in exploration. As a part of the agreement, KMG EP purchased 35% of the White Bear shares in the British sector of the North Sea. At the moment the White Bear shareholders are British Gas (45%), KMG EP (35%) and Maersk Oil (20%).
KazMunayGas Exploration Production is a KazMunayGas-majority-owned oil and gas company operating in Kazakhstan. The Company explores fields in Mangistau, Atyrau and Kyzylorda regions of Kazakhstan (in the country's west and south). It is listed at the London Stock Exchange as KMG and at the Kazakhstan Stock Exchange as RDGZ.
Reporting by Asemgul Kassenova
