Azernews.Az

By Aynur Jafarova

KazEnergy Association reported that the largest Hungarian oil and gas operator MOL will join the association, which is linked with the prospective activity of the Hungarian MOL on the Kazakh fields.

According to the report, this issue was considered during the second meeting of the Kazakh-Hungarian Business Council, headed by deputy chairman of the KazEnergy Association Jambulat Sarsenov and executive vice president of the Hungarian oil and gas company MOL Shandor Fashimon.

The first meeting of the council took place in January 2013 within the framework of Kazakh delegation's business visit to Budapest, where the sides discussed wide range of issues and determined the specific directions of bilateral economic cooperation.

Currently Exploration Production KazMunaiGas (EP KMG) and MOL have partner relations within the joint projects on the development of the Fyodorovski and the Karpovskiy Severniy fields in the Western Kazakhstan region.

Being the operator in the Fyodorski project, MOL conducts geological exploration work in the pre-salt horizons.

The estimated prospective recoverable hydrocarbon reserves of the Karpovsky Severniy block hit 240 million barrels of oil. It was previously noted that as a result of the agreement, a joint venture between KMG EP and MOL will be created for further exploration works on the Karpovskiy Severni block. The deal was approved during the meeting of the board of directors of KMG EP on June 26, 2010.

The Karpovsky Severniy block is located 40 kilometres north-west of the City of Uralsk, in the immediate vicinity of the Fedorov block and other fields in the external board of the Caspian basin. The total area of the contractual territory is 1670 square kilometres. The result of previously carried geological exploration works, as well as seismic and borehole data prove the existence of hydrocarbons in this area.

KazEnergy Association was established in November, 2005 and unites more than 50 large participants of the oil-gas and energy complex, as well as production, transportation, service and geophysical, uranium and other transnational companies.