KazMunayGas, KMG EP and BG Group in co-operation agreement
Posted: 5 December 2008
JSC National Company KazMunayGas (NC KMG), NC KMG subsidiary KazMunaiGas Exploration Production and BG Group plc reached an agreement to co-operate in exploring a range of upstream opportunities.
"The upstream co-operation agreement, announced today, will play an important role in accelerating our strategy for international growth. We look forward to expanding our working relationship with BG Group," said Mr Kairgeldy Kabyldin, NC KMG President.
The agreement, which was signed in the presence of the Prime Minister of the Republic of Kazakhstan, Mr. Karim Massimov, sets out the principles of a joint study of the hydrocarbon reserves potential of specific areas in Kazakhstan and other countries.
"KMG EP has a solid experience in exploration and production in Kazakhstan. Cooperation with BG Group will provide us with an opportunity to join large-scale international projects and achieve a new level of development," said Mr Askar Balzhanov, KMG EP Chief Executive Officer.
"These agreements build on BG Group's substantial long-term investments in one of the region's most dynamic and attractive economies. We are delighted by the opportunity to co-operate more closely with KMG, in Kazakhstan and beyond," said Mark Carne, BG Group Executive Vice President and Managing Director; Europe and Central Asia.
The companies will work in partnership to identify opportunities across a range of potential oil and gas exploration and production projects. A joint team will examine specifically-targeted regions and recommend prospective acreage to partners for their consideration.