BAKU, Azerbaijan, September 2. Kazakhstan's
national oil and gas company KazMunayGas (KMG) and China National
Offshore Oil Corporation (CNOOC) discussed the current status and
prospects of bilateral cooperation, KMG's press service said.
KMG Chairman of the Management Board Askhat Khassenov met with
CNOOC Chairman of the Board Zhang Chuanjiang in Astana.
The sides discussed the implementation of ongoing joint projects
and plans for further cooperation, including the Zhylyoi geological
exploration project in the transit zone of the northeastern part of
the Caspian Sea.
"We highly appreciate the results of our joint work. Zhylyoi is
an example of CNOOC's first entry, with investment, into a
geological exploration project in Kazakhstan. We look forward to
expanding mutually beneficial cooperation with our colleagues from
China," Khassenov said.
The sides also discussed the potential participation of CNOOC in
other KMG geological exploration projects.
The sides also focused on cooperation in oilfield services.
Under a cooperation agreement, KMG's subsidiary KMG Drilling &
Services and China Oilfield Services Limited (COSL) are
strengthening cooperation in drilling and well servicing, the
introduction of new technologies, development of local content and
personnel training.
KMG noted that an operator company, Zhylyoi Operating LLP, has
been established as part of the project. The parties are currently
reprocessing and reinterpreting historical 2D seismic data covering
400 linear kilometers. Preparations are also nearing completion for
3D seismic exploration covering 400 square kilometers.
Following the processing and interpretation of the 3D seismic
data, the location for drilling the first exploration well will be
determined. The project is being implemented on a 50/50 parity
basis, while Chinese partners are financing the exploration
period.
