QazaqGaz signs exploration and production deals for two new fields in western Kazakhstan

ASTANA. June 24 (Interfax) - QazaqGaz and strategic partners KOR Oil Company and KazAzot have signed exploration and production contracts for the Akkuduk and Severny-2 hydrocarbon fields in western Kazakhstan with Kazakhstan's Energy Ministry, the gas producer's press service said.

KOR Oil Company will develop the Akkuduk field in the Mangystau region, while KazAzot will operate the Severny-2 field in the Aktobe region.

QazaqGaz said both contracts followed an improved model agreement, offering tax and regulatory incentives for exploration in challenging and underexplored areas.

"Strategic partners will operate under a carry financing model, meaning investors will fully fund exploration, assuming all geological and financial risks," the company said.

The projects are expected to boost regional infrastructure, create jobs, and contribute to the sustainable development of Kazakhstan's mineral resource sector.

QazaqGaz, a subsidiary of the Samruk-Kazyna sovereign wealth fund, manages gas transportation via pipelines and distribution networks, handles international transit, and oversees domestic and international gas sales. The company also develops, finances, and operates pipelines and gas storage facilities.