Kazakhstan’s national oil and gas company, KazMunayGas, and the Russian Tatneft will create a joint venture for geological exploration for hydrocarbons at the Karaton Podsolevoy subsoil area in the Atyrau region in western Kazakhstan, KazMunayGas has announced.
The two companies signed agreements for the project on February 21st in the Russian city of Kazan. Tatneft is headquartered in the nearby town of Almetyevsk.
According to the agreements, KazMunayGas is selling Tatneft a 50% stake in Karaton Operating Ltd., the operator of the Karaton Podsolevoy project.
In June 2023 KazMunayGas received a contract to explore and produce hydrocarbons at the Karaton Podsolevoy area and in September 2023 registered a private company, Karaton Operating Ltd., to implement the project. In November 2023, KMG transferred the subsoil use right to Karaton Operating Ltd.
“[Kazakhstan’s president Kassym-Jomart Tokayev] set the task of attracting foreign investment in the raw materials sector and geological exploration,” commented Magzum Mirzagaliyev, chairman of the board of KazMunayGas. “In this regard, we held negotiations with a number of investors and are pleased that our partner in the Karaton Podsolevoy project has become the Tatneft company, which has extensive experience in the field of geological exploration and development of oil and gas fields.”
Mr Mirzagaliyev added that drilling of the first exploration well with a depth of 5,500 meters is planned for 2024.
