KMG, TatNeft to start exploration works on Karaton Podsolevoy subsurface site

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The Karaton Podsolevoy subsurface site is located in Atyrau and Mangistau regions near JSC EmbaMunayGas’ active fields.

Фото: Freepik

Chairman of the Management Board of JSC NC KazMunayGas Askhat Khassenov and Director General of TatNeft Nail Maganov met in Astana to discuss the course of preparations for drilling the first exploratory well on the Karaton Podsolevoy subsurface site at a depth of 5,500 meters, Kazinform News Agency reports.

Drilling works are scheduled to begin in November 2024.

The Karaton Podsolevoy subsurface site is located in Atyrau and Mangistau regions near JSC EmbaMunayGas’ active fields.

On February 21, 2024, in Kazan, Kazakhstan’s KazMunayGas and Russia’s Tatneft signed a purchase and sale agreement, shareholders' agreement and a financing agreement on the Karaton Podsolevoy project. Each of the parties possesses 50% of shares in the company’s charter capital.

Earlier, in June, KMG and China’s CITIC Group discussed the current status of implementation of a project on expansion of production capacities of the Atyrau Bitumen Plant to 1.5 million tons per annum.

KMG’s net profit in January-June 2024 made 549.5 billion tenge, having increased by 12.5%.