KazMunayGas, Sinopec agree on cooperation in geology

ASTANA. April 20 (Interfax) - The chief executive officer of Kazakhstan's KazMunayGas (KMG), Magzum Mirzagaliyev, and the deputy general director of Sinopec International Energy Investment Limited, Zhao Xuan, have discussed a draft agreement on cooperation in exploration projects in Kazakhstan, KMG said in a press release.

"The document covers a few projects for geological study of subsurface, would-be exploration projects and sedimentary basins in the republic that have not been studied yet," the press release says.

The parties have also agreed to share their best practices in geological exploration, including geological survey of prospective areas, the use of new technology and digitalization of exploration data, mutual visits to research and data centers, laboratories and production facilities, according to the press release.

In addition, the Kazakh and Chinese companies discussed prospects for China's participation in the Urikhtau Project and the construction of plants for processing gas from the Alibekmola and Kozhasay oil and gas condensate fields in the Aktobe region. These fields are being developed by Kazakhoil Aktobe LLP, which is owned on a parity basis by KMG and Caspian Investments Resources Ltd (Sinopec).

KazMunayGas is the national operator for exploration, production, processing and transportation of hydrocarbons. The company represents the state interests in the oil and gas sector of Kazakhstan.