BP to participate in exploration, development of Ustyurt block in Kazakhstan

ASTANA. April 2 (Interfax) - KazMunayGas (KMG) and BP Exploration Operating Company Limited have signed a memorandum of intent on cooperation in exploration and development of the promising Ustyurt block in the Mangystau region (southwestern Kazakhstan), KMG's press service said.

The agreement was signed in Astana on the sidelines of the Geoscience & Exploration Central Asia international geological forum.

"The signing of the agreement marks a new stage of bilateral cooperation. Previously, the company participated in the implementation of a number of major oil and gas projects in our country. The resumption of the partnership opens up new opportunities for joint implementation of promising initiatives in exploration aimed at strengthening Kazakhstan's resource base," the press service said.

According to KMG, the Ustyurt block includes the Ustyurt-1 and Ustyurt-2 fields.

In March this year, Kazakh Foreign Minister Yermek Kosherbayev announced BP's plans to return to the Kazakh market with an exploration project.

"Previously, as you know, British Petroleum left Kazakhstan. Now it has expressed its intention to return to Kazakhstan with a specific exploration project. This is very important for us," Kosherbayev said at the time.

BP Plc left Kazakhstan in 2009 after completing the implementation of its projects in the country.