CNOOC and Kazakhstan Deepen Cooperation in Geological Exploration and Oilfield Services

en.Wedoany.com Reported - KMG Chairman Askhat Khassenov met with CNOOC Chairman Zhang Chuanjiang in Astana, the capital of Kazakhstan. The two sides exchanged views on the implementation of existing joint projects and plans for further cooperation, with particular focus on the Zhylyoi geological exploration project in the transitional zone of the northeastern Caspian Sea.

According to KMG, an operating company, Zhylyoi Operating LLP, has been established for the project. At present, both sides are reprocessing and interpreting historical 2D seismic data covering 400 linear kilometers, and preparatory work for 3D seismic exploration covering 400 square kilometers is nearing completion. Upon completion of 3D seismic data processing and interpretation, the location of the first exploration well will be determined.

The project is being implemented by both parties on a 50/50 equal basis, with the Chinese side bearing the funding for the exploration phase.

Khassenov stated: "We highly value the results achieved in our bilateral cooperation. The Zhylyoi project marks CNOOC's first participation in Kazakhstan's geological exploration projects through investment, which is of landmark significance. We look forward to further expanding mutually beneficial cooperation with our Chinese counterparts."

During the talks, the two sides also explored the feasibility of CNOOC participating in other geological exploration projects of KMG and conducted in-depth discussions on cooperation in the field of oilfield services.

In accordance with the cooperation agreement previously signed by both parties, KMG's subsidiary KMG Drilling & Services is deepening collaboration with China Oilfield Services Limited (COSL) in areas such as drilling, well workover, application of new technologies, enhancement of local content, and talent development.