Wedoany.com Report-Dec 27, KazMunayGas and CNOOC are expanding their cooperation in geological exploration, discussing key aspects of bilateral collaboration, including the joint implementation of the "Zhylyoi" project, Trend reports.
A meeting took place between Chairman of the Board of KazMunayGas (KMG), Askhat Hasenov, and Chairman of the Board of Directors of China National Offshore Oil Corporation International Limited (CNOOC), Wang Dongjing.
During the negotiations, the stakeholders engaged in a comprehensive dialogue regarding the collaborative execution of the "Zhylyoi" initiative.
According to KMG's preliminary estimate, the geological resource potential of the subsoil area may exceed 185 million tons of oil.
Additionally, the parties discussed new opportunities for cooperation in other geological exploration projects, as well as strengthening engineering collaboration with CNOOC's subsidiary service company (COSL China Oilfield Services) in the field of exploration, oil, and gas production.
As a result of the meeting, the parties confirmed their readiness to further strengthen cooperation and expressed confidence in the successful implementation of joint projects aimed at developing the oil and gas industry and strengthening the strategic partnership between Kazakhstan and China.
To note, in October 2024, KMG and CNOOC signed an agreement outlining the main terms of partnership for the new subsoil use project "Zhylyoi."
China National Offshore Oil Corporation (CNOOC) is one of the world's leaders in the oil and gas industry, specializing in exploration and production. The company actively collaborates with international partners and participates in large projects in more than 20 countries.
