Croatia Will Finance Oil Exploration In Aktobe Region
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The Croatian state-owned company Geoenergija Razvoj will take part in oil exploration and production at the Shygys field in Aktobe region. Its partner will be KazMunayGas, Orda.kz reports.
The parties signed a contract for the development of the Shygys field on a parity basis. At the same time, Geoenergija Razvoj will fully provide financing at the exploration stage. In what form the project will be implemented is not specified. Last year, it was reported that a joint venture between KazMunayGas and a foreign partner was planned.
KMG and Geoenergija Razvoj will conduct 2D seismic exploration across 500 kilometers of the site and drill an exploratory well to a depth of 3.5 kilometers.
For Croatia, this will be its first project in Kazakhstan’s oil and gas industry. The Croatian Hydrocarbon Agency, which manages Geoenergija Razvoj, will now receive the status of a strategic partner of KMG.
Last year, Astana itself offered Zagreb participation in the Shygys development project. The Croatian Hydrocarbon Agency studied the field, conducted an analysis, and considered the project promising. The Ministry of Energy set several conditions for potential partners, including capital of at least $200 million and consent to pay the subscription bonus in full.
Original author: Alexey Afonsky
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