“KazMunaiGaz”: agreements about cooperation

Astana, 11 December 2008, (Khabar) - “KazMunaiGaz” national company signed some agreements about cooperation with foreign and national investors. Karim Massimov, Prime Minister took part into this ceremony. The national company became investor and active elaborator of oil and gas block for the first time. “Caspian Tristar” will obtain 50% of land and subsurface management, exploration and extraction at “Dead Kultuk” area. Work at this perspective deposit will be begun in January. Its cost is over $47 millions. It is supposed supplies of hydrocarbons here about 20 million tones.

Baltabek Kuandykov, president of “Caspian Tristar” company:
- We think we can carry out deep research of this block together with this experienced national company and open large deposit of oil and gas there.

Trilateral agreement on cooperation among “BG Group”, “KazMunaiGaz” and its branch “Exploration Extraction KazMunaiGaz” will help to set at the international market. The participants of the agreement will study oil potential in Kazakhstan and in other countries and carry out geological and exploration work.

Kairgeldy Kabyldin, president of “KazMunaiGaz” national company:
- We highly value experience of this company in this sphere. It completely answers strategic goals of the “KazMunaiGaz” company on revealing of deposits of oil and gas.

Also “KazMunaiGaz” signed the agreement with foreign companies “Conoco Philips Exploration Kazakhstan” and branch of “Mubadala Development” company. It concerns exploration and extraction in block in south western sector of Caspian Sea. It is supposed over there 630 tonnes there. The first well will be drilled here in 2010 and income will be received since 2016.