KazMunayGas / Shell
The Memorandum of Understanding was signed by KazMunayGas and Shell Kazakhstan. The parties express their interest in cooperation in the development of the oil and gas industry of Kazakhstan on mutually beneficial terms, with reference to the national company.
The document was signed by Magzum Mirzagaliyev, Chairman of the Board of KazMunayGas, and Herman Burmeister, Senior Vice President and Chairman of the Shell concern in Kazakhstan.
According to the document, the parties expressed their intention to cooperate in the following areas:
• geological exploration and development, including conducting a comprehensive geological study of promising areas and geological study of the subsoil on the territory of Kazakhstan;
• synergies and opportunities for joint development of projects in Kazakhstan;
• Analysis of the latest developments in the extractive industry in terms of contracting and procurement, environmental standards and similar regulatory aspects that have the potential to improve and accelerate growth opportunities in Kazakhstan.
Within the framework of cooperation, a database of existing exploration and prospective projects of KMG can be used in order to conduct a technical and economic assessment.