ASTANA, Kazakhstan, April 2. Kazakhstan has officially partnered with a Croatian energy firm to launch a new hydrocarbon exploration and production project in the Aktobe region,TurkicWorld reports, citing the Ministry of Energy.
The agreement was finalized between the Ministry of Energy, National Company KazMunayGas (KMG), and GEOENERGIJA RAZVOJ d.o.o., a subsidiary of the Croatian Hydrocarbon Agency.
Signed on the sidelines of the Geoscience & Exploration Central Asia forum in Astana, the "Shygys" project will operate on a 50/50 joint venture basis between the Kazakh and Croatian parties.
Under the terms of the contract, the Croatian side has committed to fully financing the initial exploration phase. The minimum work program established for the Shygys block includes the conduct of 500 kilometers of 2D seismic surveys and the drilling of an exploration well to a target depth of 3,500 meters.
