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KazMunayGas, BP could apply for geological exploration in Kazakhstan in 1st half of 2021


NUR-SULTAN. July 10 (Interfax-Kazakhstan) - Kazakh national company KazMunaiGas (KMG) and British Petroleum (BP) plan to apply for a contract for exploration and production of hydrocarbons in Kazakhstan in the first half of 2021, KMG's press office has told Interfax-Kazakhstan.

"BP is interested in a number of projects in Kazakhstan. These subsoil blocks are outlined, a joint study on them is underway, the issue of final participation in this or that block will be determined in accordance with existing procedures for selecting KMG's strategic partner and the requirements of Kazakhstan's laws, " KMG said in reply to the news agency's inquiry.

KMG noted projects that could involve international oil and gas companies stipulate the use of so-called "carry financing".

The essence of this type of financing is that the costs of KMG's share in the project are to be incurred by the strategic partner. In the event of failure, these costs are not reimbursed. In the case of success, the costs will be recovered from the share of KMG's future profit as part of the project to be implemented, the company said.

It was reported earlier that KMG and BP look forward to obtaining exploration and production licenses to start prospecting in Kazakhstan.

Under Kazakhstan's new Code on Subsoil and Subsoil Use exploration is carried out within the framework of a joint contract for exploration and production of hydrocarbons.

In 2009, BP sold all assets in Kazakhstan: stakes in the Caspian Pipeline Consortium (CPC) and Tengizchevroil in order to focus on projects in Russia and Azerbaijan.

KazMunaiGas (KMG) is the national operator for exploration, production, processing, and transportation of hydrocarbons. The company represents the state interests of Kazakhstan in the oil and gas sector. KMG is owned by Samruk-Kazyna National Wealth Fund (90.42%) and the National Bank of Kazakhstan (9.58%).

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