News // Russia
Kazakhstan extends subsoil use on Caspian Sea for Russia
10 November 2017 , 14:11Neftegaz.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.
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.
00:01 25.03.2019Germany's Wintershall eyes Russian expansion after DEA merger
18:00 21.03.2019NGV fuel becoming increasingly popular in Russia
12:06 20.03.2019Lukoil may sign agreement on new offshore block in Kazakhstan
18:00 19.03.2019Moscow and Baku mull Russian oil to Turkey's STAR refinery