KazMunayGas sells half of its oil field to Russian Tatneft
The Russian Tatneft has acquired 50% shares of Karaton Operating Ltd., which supervises the Karaton Podsolevoy project, from KazMunayGas (KMG), the national oil company in Kazakhstan.
«Under the purchase and sale agreement, KMG sells 50% shares of Karaton Operating Ltd. (operator of the Karaton Podsolevoy project) to the Russian Tatneft. The documents were signed by Chair of the Board of KMG Magzum Mirzagaliyev and Director General of Tatneft Nail Maganov,» the company said in a statement, not mentioning any details of the deal.
As Mirzagaliyev noted, President Kassym-Jomart Tokayev has ordered the cabinet to attract foreign investments into the commodity sector and geological exploration.
«Thereof we conducted negotiations with various investors and now we are glad that Tatneft, which has huge experience in the sphere of geological exploration and development of oil and gas fields, has become our partner in the Karaton Podsolevoy project. Drilling of the first 5,500-meter deep well is scheduled for 2024,» he said.
In turn, Maganov noted that Tatneft is effectively interacting with its Kazakhstani counterparts on many issues.
«I am glad that our fruitful collaboration is expanding. I am thankful to KMG for their invitation to join this partnership, including the sphere of geological exploration,» he said.
Karaton Podsolevoy is an oil field located in the Atyrau and Mangystau regions in the vicinity of the current oil field run by Embamunaigas, another subsidiary of KMG.
The national oil company obtained a contract for the exploration and production of oil and gas in Karaton Podsolevoy in June 2023. In September, it established a private company called Karaton Operating Ltd. This company was registered with the Astana International Financial Center and should have been focused on the implementation of the project. In November, KMG transferred the subsoil license to Karaton Operating Ltd. As of January 1, 2024, Samruk Kazyna controlled 67.42% shares of KMG, the Ministry of Finance – 20% and the National Bank – 9.58%.
