KMG, Uzbekneftegaz ink agreement on Zharkyn project in Kazakhstan

KazMunayGas National Company (KMG) and Uzbekneftegaz (UNG) have signed an agreement for the Zharkyn exploration project in Kazakhstan, Report informs referring to the Kazakh company.

The agreement was signed on November 15 in Tashkent.

The document was signed by KMG Chairman of the Management Board, Askhat Khassenov, and UNG Chairman of the Management Board, Bakhodirjon Sidikov. KMG and UNG agreed to implement the project on a 50/50 basis, with the Uzbek side providing funding for the exploration period.

The Zharkyn block is located in the Mangistau region of Kazakhstan. Previously, as part of a geological exploration program, KMG conducted 1,275 linear kilometers of 2D seismic survey at this block, identifying promising structures.

According to the agreements reached, KMG and UNG plan to drill two exploratory wells, each 2,000 meters deep.

Zharkyn is the first joint exploration project between the two countries' national oil and gas companies.