Chinese Company Gains Rights to Develop Ustyurt-2 Oil Field
Photo: Elements.envato.com, ill purposes
Kazakhstan Dinghua Energy, a Chinese private company, has obtained the rights to explore and develop the Ustyurt-2 oil field in the Mangystau region, Orda.kz reports.
According to Upstream Online, the company won the auction by offering 150 million tenge — roughly twice the starting price. The Ustyurt-2 site covers more than 5.4 thousand square kilometers. Four sites were awarded in the latest auction round.
Since 2022, the Ustyurt-2 field has repeatedly been put up for auction but failed to attract investors. Challenges have included difficulty in confirming recoverable reserves and the remote location of the site.
Under the terms of the contract, Kazakhstan Dinghua Energy is required to invest at least $15 million in the first phase. This includes $6 million for geological exploration and $9 million for drilling three exploratory wells.
The highest bid in the auction was for the Jarkent field, located in the Almaty and Jetisu regions. Kazakh company Almaty Oil Ventures secured development rights with a bid of 809 million tenge. Investment in this project is expected to total $12 million.
Two other sites, Kokoy and Sarysu, were awarded to Taraz Petroleum and Earth Oil & Gas.
Original Author: Nikita Drobny
Latest news
- Kazakhstan Transfers Its 40% ERG Stake to Samruk-Kazyna
- Astana to Host UEFA Presidential Election in 2027
- Was Kazakhstan’s First Wild Tiger in 70 Years Spotted Near Homes?
- Almaty Deports 35 Indian Citizens for Overstaying
- Kazakhstan Adds AI to School Computer Science Classes
- From Party Lists to Presidential Succession: What the Kurultai Election Could Change
- Financial Regulator Can Force Troubled Banks to Change Owners
- Kazakhstan to Auction 26 Areas for Oil and Gas Exploration
- Is Kazakhstan’s Economy Becoming Less Reliant on Oil?
- Kazakhstan Releases More Than 600 Prisoners Under Amnesty
- Seven Regions of Kazakhstan Face Drought in August
- Dozens of Fake Diplomas Found in Kazakhstan
- Alatau Plans Full-Cycle Sustainable Aviation Fuel Production
- Kyrgyzstan Prohibits Human Cremation
- Trade Minister Says Kazakhstan Should Become a “Landlocked Singapore”
- Kazakhstani Wildberries Sellers Will Receive Advice but No Compensation
- Tankers Keep Returning for Kazakh Oil Despite Attacks at CPC Terminal
- Two Border Villages in Uzbekistan to Become Part of Kyrgyzstan
- Kazakhstan Fines and Jails Over 20 Streamers for Offensive Content
- Foreign Investors Put 2.6 Trillion Tenge Into Kazakh Government Bonds
