Repsol to Explore Kazakh Oilfield

Source: Reuters 6/17/2011, Location: Asia

Spanish energy company Repsol will join KazMunaiGas (KMG) in exploring an oil block in western Kazakhstan and could offer the Kazakh state company a role in its international projects, KMG's head said. The companies will explore the Adai block in Atyrau region, KMG Chief Executive Kairgeldy Kabyldin told reporters after signing a memorandum of understanding with Nemesio Fernandez-Cuesta, executive director of Repsol's Upstream unit. "If we see that it is a prospective field, we will sign new agreements," Kabyldin said.

The agreement was one of several signed during a visit by Spanish Prime Minister Jose Luis Rodriguez Zapatero to Kazakhstan. The Spanish premier met his counterpart, Karim Masimov, as well as Kazakh President Nursultan Nazarbayev. Masimov said that other deals included a convention on mutual legal assistance in criminal matters and a memorandum on crime prevention, as well as a memorandum of understanding between the Kazakh Institute of Oil and Gas and general contractor Tecnicas Reunidas SA. Kabyldin said KMG's cooperation with Repsol would not be limited to the Adai oil block.

"Repsol will offer us the chance to consider participation in their international portfolio of projects," he said. Asked to specify projects in other countries that KMG could eventually enter, he said: "They (Repsol) work in Iraq, they work in Iran." He added that KMG would also consider offering Repsol the opportunity to participate in industrial projects linked to Kazakhstan's plan to diversify its economy by 2020. "We, KazMunaiGas, will offer them the chance to consider taking part in industrial projects in Kazakhstan," he said. He did not elaborate.


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