Azernews.Az

By Aynur Jafarova

The Hungarian MOL Oil and Gas Company has received positive results while carrying out exploratory work at the Fedorovskiy block in the Western Kazakhstan region, MOL Executive Director Sandor Fashimon said on December 3.

"T he exploration work at the Fedorovskiy block proved the availability of oil and gas condensate reserves here," he said. "A trial test will now be conducted."

Expected reserves are estimated at 200 million barrels of oil and gas condensate, he noted.

Fashimon went on to note that MOL and KazMunaiGas are exploring two blocks in the Western Kazakhstan region.

"Regarding the Karpovskiy Severniy second block, it is too early to talk about anything as the exploratory operations are underway," he noted.

"The company is interested in acquiring new assets for investigative operations in Kazakhstan," he said. "The company is negotiating with KazMunaiGas representatives.

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

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

The estimated prospective recoverable hydrocarbon reserves of the Karpovskiy 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 Severniy block. The deal was approved during the meeting of the board of directors of KMG EP on June 26, 2010.

The Karpovskiy Severniy block is located 40 kilometers 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 1,670 square kilometers. The result of previously carried geological exploration works, as well as seismic and borehole data prove the existence of hydrocarbons in this area.