KazMunayGas, China's CNOOC to conduct geological survey at Zhylyoi site in Kazakhstan

ASTANA. Oct 23 (Interfax) - KazMunayGas National Company (KMG) and China National Offshore Oil Corporation (CNOOC) have reached an agreement to conduct geological exploration at the Zhylyoi project, KMG's press service said.

The agreement was signed in Astana during a meeting between KMG CEO Askat Hasenov and CNOOC Chairman Wang Dongjin. The parties have agreed to conduct 2D and 3D seismic surveys and drill one above-salt exploratory well at 2,000 meters. A below-salt exploratory well could also be drilled at 4,500 meters depending on the results of the 3D seismic data.

"According to KMG's preliminary estimates, the mineral resource potential of the subsurface area could exceed 185 million tonnes of oil. The signing of the main cooperation terms reaffirms CNOOC's strong interest in collaborating on the project, thus creating new opportunities for both companies in hydrocarbon exploration," KMG said.

KMG and CNOOC signed an agreement of intent regarding geological exploration in August 2024.

China National Offshore Oil Corporation is a leading company in the oil and gas industry, specializing in offshore exploration and production. The company actively collaborates with global corporations and participates to develop major fields, and its assets are concentrated in over 20 countries across four continents.

KazMunayGas is Kazakhstan's national operator for the exploration, production, refining, and transportation of hydrocarbons, representing the state's interests in the oil and gas sector.