Azernews.Az

KazMunaiGas Exploration Production company (KMG EP) has closed a transaction on the sale of a 49 per cent share in KS EP Investments BV to a subsidiary of MOL Hungarian Oil and Gas Plc., a statement of Kazakhstan's state oil and gas company, KazMunaiGas, said on Friday.

KS EP Investments BV owns a 100 per cent share in North Karpovsky LLP, which has the right of subsoil use according to the contract on oil, gas and condensate exploration in the North Karpovsky block in the West Kazakh region.

The final sale price for a 49 per cent share of KS EP Investments BV exceeds the cost of purchase.

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2011 was 12.3 million tons of crude oil, including the company's share in Kazgermunai, CCEL and PetroKazakhstan Inc.The total volume of proved and probable reserves, as at the end of 2011 was 226 million tons (1.7 billion barrels).

The North Karpovsky block is located 40 km north-west of the city of Uralsk, in the vicinity of the Fedorovsky block and other existing fields in the Caspian Sea. The total square kilometre area of the contract zone is 1670 square kilometres. Projected total prospective recoverable hydrocarbon resources of the North Karpovsky block are 240 million barrels of oil equivalent.