BAKU, Azerbaijan, September 3. Kazakhstan's QazaqGaz and China National Offshore Oil Corporation (CNOOC) have signed a cooperation agreement aimed at expanding collaboration in the gas industry.
This was announced by the press service of QazaqGaz, following the meeting between Chairman of the Management Board, Alibek Zhamauov, and Chairman of CNOOC, Zhang Chuanjiang.
According to the Kazakh company, the newly signed agreement sets out the main areas of further cooperation between the two companies.
"The sides discussed prospects for cooperation in the gas sector, including the implementation of joint geological exploration projects, attracting investment, and applying modern technologies to expand Kazakhstan’s gas resource base," KMG said.
CNOOC is one of the world's largest oil and gas companies, with extensive experience in geological exploration, hydrocarbon development and production. The company operates projects in more than 20 countries.
On September 2, CNOOC discussed with the leadership of KazMunayGas plans for further cooperation, including the Zhylyoi geological exploration project in the transit zone of the northeastern part of the Caspian Sea.
The Zhylyoi project is being implemented on a 50:50 basis, with CNOOC financing the exploration phase. KMG earlier said that the project marks the first investment by a major Chinese company in geological exploration in Kazakhstan.
