Tatneft to participate in Karaton-Sarkamys project in Kazakhstan on carry financing terms

ALMATY. Sept 30 (Interfax) - Russian oil company Tatneft will participate in the Karaton-Sarkamys project in Kazakhstan on carry financing terms, the director of exploration and production at state oil and gas company KazMunayGas (KMG), Nurlan Konysov said at the KIOGE-2022 international conference.

"We decided to share the risks on the Karaton project with Tatneft , which will get 50% on the basis of carry financing," Konysov said, adding that this means expenses will be carried by the investor at the exploration stage. "So, if the well turns out to be dry, this risk will be on Tatneft, but if the well gives a positive result, expenses will be compensated," he said.

The companies signed a letter of intent in June on the joint implementation of the Karaton-Sarkamys project in the Atyrau region, in western Kazakhstan. The block is located next to the Tengiz and Korolevskoye fields and the group of fields of Embamunaygas.