Kazakhstan Chamber of Commerce in the USA


Gazprom, KazMunayGas to explore Imashevskoye condensate field – draft agreement

Posted on March 31, 2010 by KazCham

Moscow. March 30. Interfax – Russia and Kazakhstan have drafted an intergovernmental agreement covering joint geological study and exploration of the Imashevskoye gas condensate field, which straddles the two countries’ border.

Prime Minister Vladimir Putin signed the instruction approving the draft agreement on March 25.

Once the reserves have been calculated and registered, and the decision to proceed with development has been made, a new agreement will be drafted covering the terms for developing the field.

The document designates Gazprom and Kazakh national oil and gas company KazMunayGas (KMG) as the authorized organizations for work at the field. They will share the revenue from joint operations 50-50. The authorized organizations will jointly appoint the operator.

The authorized bodies are the Natural Resources and Ecology Ministry, Rosnedra, Rosprirodnadzor and Rostekhnadzor on the Russian side and the Energy Ministry on the Kazakh side. They will form a joint coordinating committee with three representatives from each country. The Russian delegation to the committee will be headed by the Natural Resources and Ecology Ministry. The committee will meet at least once a year.

The sides should issue the relevant license to the authorized license holder no more than 100 days from the moment the agreement enters force.

Gazprom and KMG will prepare the program for geological study of the field. Geological information on the field will be presented to the national geological information agencies on confidential terms.

The Imashevskoye field is located east northeast of Astrakhan in Russia and southwest of Atyrau in Kazakhstan. Explored gas reserves exceed 100 billion cubic meters with a sulfur content of 15%-17%.

The Natural Resources and Ecology Ministry will sign the agreement for Russia.

SOURCE: http://www.interfax.kz/?lang=eng&int_id=10&news_id=3376

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