NC KMG and KMG EP Signed Memorandum of Understanding
OREANDA-NEWS. May 25, 2011. JSC NC KazMunaiGas (“NC KMG”) and JSC KMG EP (“KMG EP”, or the “Company”) have signed a Memorandum of Understanding (“Memorandum”), providing KMG EP with access to the detailed geophysical, financial and economic data of a number of oil and gas projects, including those located in the Kazakhstan sector of the Caspian sea. The list of projects includes, in particular, the offshore blocks "Zhambyl", "Ustyurt" ("Mertvyi Kultuk"), "Zhenis", "Godina", "C-1", "C-2" as well as an onshore block Urikhtau. By agreement between the two parties the list of oil and gas projects may be expanded.
On the basis of the provided data KMG EP will conduct a technical, economic and investment evaluation of the above-stated projects to consider the Company’s participation in these projects, subject to negotiations with NC KMG and on the same commercial terms as other participants.
Kairgeldy Kabyldin, Chairman of the Management Board of NC KMG noted:
"The engagement of the resources and experience of KMG EP in the joint development of the
Askar Balzhanov, Chief Executive Officer of KMG EP said:
"Signing of the Memorandum is an important step in implementation of our Strategy which envisages participation in the development of the
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