KMG and Petrovietnam agreed on joint exploration of hydrocarbons in the Mangystau oblast.

KMG JSC reports that NC KazMunayGaz (KMG) JSC and Petrovietnam Vietnamese Oil and Gas Corporation  have agreed to cooperate in the field of exploration and production of hydrocarbons in the Mangystau oblast.

According to the document, within the official visit of Mr. Truong Tan Sang, the Vietnamese President  to Kazakhstan, the Vietnamese delegation visited the central office of NC KazMunayGas JSC. The result of the negotiations in KMG JSC was the signing of a memorandum of understanding.

“The Memorandum of understanding concluded between the companies lays the foundations for potential joint participation in the exploration, development and production of hydrocarbon resources in a free area located ashore in Mangistau Oblast in the Republic of Kazakhstan”,- noted in the press-release.

The Parties intend to develop bilateral cooperation in the field of exploration and production of hydrocarbons. Petrovietnam, as the Oil and Gas Company with experience in the exploration, development and production of oil and natural gas, has expressed interest in exploring and extracting hydrocarbon raw materials within the territory of Kazakhstan.

Previously, in July of the current year, the companies signed the agreement on rendering technical services, in accordance with which KMG will provide relevant services to Petrovietnam Corporation. The result of the services rendered will be the determination of the prospects for further exploration works in the study area.

“In the case of determining the prospects of the site within certain coordinates, the companies will continue the joint work  according to the terms of the memorandum and hold negotiations on the main commercial, technical and contractual terms, including the relative shares of the companies in the project,” – specified in the report.

National Company KazMunayGaz JSC is the Kazakhstan National Operator for the exploration, production, processing and transportation of hydrocarbons, representing the interests of the state in the oil and gas industry of Kazakhstan. 100% of KMG shares are owned by Samruk-Kazyna National Wealth Fund JSC.