JSC "KazMunayGas" and CNPC are exploring new areas on the eastern flank of the Caspian Basin, as reported by the Kapital.kz business information center, citing the national company's press service.
"In Beijing, the Chairman of the Board of JSC 'KazMunayGas', Askhat Khasenov, met with the President of CNPC, Hou Qijun. The parties discussed cooperation in geological exploration, enhancing oil extraction efficiency, expanding the capacities of the Shymkent Oil Refinery (PKOP), and implementing oil and gas chemical projects," the national company stated.
According to KMG, within the framework of joint work with CNODC (a subsidiary of CNPC), new areas on the eastern flank of the Caspian Basin are being studied.
"Scientific and technical developments aimed at increasing the oil recovery factor in low-margin and hard-to-recover oil and gas fields were reviewed. Fields for testing enhanced oil recovery technologies were identified. The companies exchanged further steps for the PKOP capacity expansion project from 6 to 12 million tons," the information stated.
The preliminary feasibility study results for the Urea project, which is crucial for domestic farmers in producing nitrogen fertilizers, were also discussed. The proposed project capacity is up to 1 million tons per year, with an estimated cost of around 1.5 billion dollars.
"Following the meeting, the parties expressed confidence in the successful implementation of projects and strengthening the strategic partnership between KMG and CNPC," concluded the Kazakh oil and gas company.