KazMunayGas and CNOOC sign geological exploration agreement

KazMunayGas (KMG) and China National Offshore Oil Corporation (CNOOC) signed the main terms of cooperation on the new Zhylyoi subsoil project in Kazakhstan.

The basic project activities include drilling of one postsalt exploration well (independent stage) 2000 m deep and
one presalt exploration well (non-independent stage) 4,500 m deep based on the results of 3D seismic data.
According to the preliminary assessment made by KMG, the mineral site’s oil reserves may be over 185 million tons.