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China, Kazakhstan, Sign MoU on Kazakh Geological Research Projects

Kazakhstan’s KazMunayGas JSC (KMG, Kazakhstan’s national oil and gas company) and China National Offshore Oil Corporation (CNOOC) signed a Memorandum of Understanding on Monday (October 16) in Beijing. As part of the agreement, the two countries will conduct joint geological research on promising exploration projects and expand cooperation on existing fields and oilfield services in Kazakhstan.

The Memorandum of Understanding was signed by Magzum Mirzagaliyev, the Chairman of KMG,  and Wang Dongjin, Chairman of CNOOC.

Mirzagaliyev noted that KMG had presented a number of promising offshore and onshore projects to CNOOC. Among them are geological exploration projects and a regional project for the Caspian sedimentary basin.

“By signing today’s memorandum, we have laid a solid foundation for our business relationship and cooperation. We fully support the strengthening of a mutually beneficial partnership with CNOOC and are confident that this document will serve as a driver for further cooperation and the discovery of new hydrocarbon deposits,” Mirzagaliyev said.

In turn, Wang Dongjin expressed confidence that after signing the memorandum, the cooperation of the companies will soon bring significant results. “We deeply value our partnership, strive for mutually beneficial cooperation and are ready to share experience and expertise in the field of geological exploration,” he added.

Source: Silk Road Briefing