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KazMunaiGas EP may develop Caspian offshore blocks

25 may 2011, 15:24
Photo by RIA Novosti©
Photo by RIA Novosti©
KazMunaiGas (KMG) National Oil and Gas Company has signed a memorandum with its subsidiary KazMunaiGas EP on possible participation of the latter in offshore oil blocks at the Caspian Sea, KMG reported in a press-release.

According to the memorandum, KazMunaiGas EP will have an access to detailed geological and economic data on a number of oil projects in the Kazakhstan’s sectors of the Caspian Sea. Notably, the list of projects includes maritime blocks Zhambyl, Ustyurt, Zhenis, Godina, S-1, S-2, Urikhtau.

The portfolio of oil and gas projects can be expanded upon coordination between the parties.

KazMunaiGas EP is to evaluate investment attractiveness of the projects to consider further participation in them. “Involvement of the KMG EP’s resources and experience to jointly develop the Caspian offshore alongside with international oil majors is a great step forward for KMG Group. Independent implementation of the projects serves strategic interests of Kazakhstan in the sector”, KMG Chairman of the Board Kairgeldy Kabyldin said.

KazMunaiGas Exploration Production was established in March 2004 and is among the top three oil producers in Kazakhstan. Ordinary and preferred shares of KazMunaiGas Exploration Production are listed on the Kazakhstan Stock Exchange, and its global depository receipts (GRDs) are listed on the London Stock Exchange. Through National Company KMG, the state owns 60% of KMG EP’s shares. KazMunaiGas Exploration Production is developing 41 fields in Western Kazakhstan. The Company is the largest taxpayer in Kazakhstan.

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