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
- Yuan Instead of Dollars? KazMunayGas Draws Record Demand in Asia
- China Gains Oil-Market Influence as OPEC+ Weakens
- Kazakhstan to Divide Smartphones Into White, Gray and Black Lists
- Kazakhstan’s Government Formally Resigns as First Kurultai Session Opens
- Rare Lynx Sighting Recorded in Northern Kazakhstan
- Almaty Pool Serving 2,000 Athletes Faces Demolition After Neighbor’s Complaint
- Women Couriers in Kazakhstan to Receive Legal and Financial Support
- Kazakh Woman Missing Amid Deadly Nepal-China Floods
- Diamond Cheaper Than Sneakers: Confiscated Stone Sells for $47 in Almaty
- Kazakhstan Expands AI-95 and AI-98 Checks to Gas Stations and Fuel Depots
- Uzbek Professor Reportedly Detained in Astana on Espionage Suspicion
- Civil Servants to Disclose Business and Family Ties in Kazakhstan
- QR Payments and Phone Transfers Could Receive VAT Break
- Women-Only Rail Service Expands to Almaty–Tashkent Route
- Kazakhstan and Singapore Reach New Agreements
- China Could Recognize Kazakhstani Driver’s Licenses
- Kazakhstan to Review School Textbooks Over Hundreds of Errors
- New Island Emerges as Caspian Sea Levels Continue to Fall
- Refinery Finds No Problems With AI-95 or AI-98 Despite Driver Complaints
- Astana Pensioner Fined for Dropping His Pants at Prosecutor General’s Office
