New state company to explore Turgay
ASTANA, October 8, 2014 – The newly formed national oil company KazMunayGas (KMG) subsidiary NordOil signed an agreement to begin exploring in the Turgay region of Kazakhstan, according to a report in Kazakh website Oilnews on Monday.
Early studies indicate that the area may be rich in hydrocarbons. More seismic surveys will be conducted in 2014 if temperatures do not drop below minus five degrees.
NordOil, the new exploration and production company created by KMG will be the operator of oil and gas blocks discovered in Turgay. The company has already received around $40 million of investment to fund its activities. More than $100 million could be invested in the exploration and production stages of the project.