KazMunaiGas Exploration Production (KMG EP) has signed an agreement with national company KazMunayGas to acquire four hydrocarbon exploration blocks worth $40m.
KMG EP will buy the Temir and Teresken blocks in the Aktobe region, the Karaton-Sarkamys block and the territory adjacent to Uzen and Karamandybas in Kazakhstan.
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The Karaton-Sarkamys block is located 100km south-west of the Kulsary deposit in the Embamunaigas production facility area of the Atyrau region. The territory adjacent to Uzen and Karamandybas lies in the Uzenmunaigas production facility.
The four blocks have a total geological resource of approximately 1.5 billion barrels of oil, according to KMG.
The acquisition is expected to increase the quality of the company’s onshore projects portfolio and recoverable reserves in the medium term, including the Uzen and Emba fields.
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By GlobalData
