KMG secures carbon contract on new field

KazMunayGas (KMG), Kazakhstan’s national oil company, has announced a new contract for oil exploration and production at the Bolashak field in the Mangystau region. The contract was signed with the Ministry of Energy on March 7.

According to a document published by KMG’s Chief Financial Officer Marat Dikanbayev, the project is considered technically complex. The ministry estimates potential investments at around $92.2 million. Under the project’s work program, the investor is expected to drill two wells and conduct 3D seismic exploration over an area of 430 square kilometers.

In addition, the Energy Ministry reported the start of direct negotiations with KMG regarding subsoil rights for the Northern Uzen field in the same Mangystau region. The company is also expected to drill two wells at this site between 2025 and 2028, allocating at least $2 million to the task.

KMG has already assembled a portfolio of promising fields requiring geological exploration. Among these projects are Bolashak, Berezovskiy, Mugodzhary, Zharkyn and Northern Uzen.

In late February, Deputy Head of KMG Kurmangazy Iskaziyev revealed plans to sign contracts with Chevron and Shell for the Mugodzhary field development in the Aktobe region by the end of this year.