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News // Russia

Kazakhstan extends subsoil use on Caspian Sea for Russia

10 November 2017 , 14:11Nigar GuliyevaNeftegaz.RU1206

President of Kazakhstan Nursultan Nazarbayev and President of Russia Vladimir Putin on November 9, 2017, signed the additional protocol to the Protocol to the Agreement between Kazakhstan and Russia on the delineation of the bottom of the northern part of the Caspian Sea in order to implement sovereign rights to subsoil use signed in 1998.

 

The deal was signed within the framework of the XIV Forum of Interregional Cooperation of Kazakhstan and Russia in Chelyabinsk, Trend reported .

The protocol provides for an increase in the contract territory for the Kurmangazy project and provision of an additional exploration period to the operator for a period of 6 years with the option of a subsequent extension for 4 years.

 

Authorized organizations for the Kurmangazy project are a wholly-owned subsidiary of KazMunayGas- KazMunayTeniz (50%) and Rosneft (50%).

The field is located in the Kazakhstan sector of the Caspian Sea.

Kazakhstan, holding 3 % of the world's oil reserves, is among the top 15 countries in the world in terms of proven oil reserves.

 

Oil and gas bearing areas occupy 62 % of the country's territory, and have 172 oil fields, of which more than 80 are under development.

More than 90 % of the oil reserves are concentrated in the 15 largest fields.

 

The fields are located on the territory of 6 of the 14 regions of Kazakhstan. These are the Aktyubinsk, Atyrau, West Kazakhstan, Karaganda, Kyzylorda and Mangistau regions.

About 70 % of hydrocarbon reserves are concentrated in the west of Kazakhstan.

 

To read the full story in Russian.

 

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