China's CNOOC, Kazakhstan sign oil exploration deal for Capsian Zhylyoi projectKazakhstan’s Energy Ministry, national oil and gas company KazMunayGas (KMG), and CNOOC Hong Kong Holding Limited, a subsidiary of China National Offshore Oil Corporation (CNOOC Limited), have signed a contract for the exploration and production of hydrocarbons at the Zhylyoi project, KMG’s press service reported.The agreement on the Zhylyoi project, located in the transit zone of the northeastern Caspian Sea, was signed by Energy Deputy Minister Kudaibergen Arymbek, KMG First Deputy Chairman Kurmangazy Iskaziyev, and CNOOC Limited Vice President Liu Yongjie on behalf of CNOOC Hong Kong Holding Limited."The partnership entails a 50/50 joint implementation of the Zhylyoi project, with CNOOC financing the exploration phase," according to the statement.The minimum work program under the contract includes conducting 3D seismic surveys across a 400-square-kilometer area, along with the reprocessing of 400 line kilometers of legacy 2D seismic data. Additionally, the agreement entails drilling a pre-salt exploration well (independent phase) to a depth of 2 kilometers, followed by a subsalt exploration well (dependent phase) reaching 4.5 kilometers, subject to the findings of the 3D seismic analysis."This marks CNOOC’s first investment in Kazakhstan, starting with an exploration project," KMG emphasized.As previously reported, KMG and CNOOC agreed on terms for the Zhylyoi project in late April.KazMunayGas is Kazakhstan’s national operator for hydrocarbon exploration, production, refining, and transportation, representing state interests in the oil and gas sector.CNOOC, a global energy leader, specializes in offshore exploration and production and is involved in major projects across more than 20 countries. (ICE ALMATY)

Fonte notizia: INTERFAX