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Kazakhstan discovers new oil field

Kazakhstan discovers new oil field

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Kazakhstan's National Oil and Gas Company (KMG) stated that an oil flow fountain was discovered during the geological survey in the Bekturly Vostochny exploration block in the Mangstu region of western Kazakhstan.

According to the results of high-tech seismic exploration, Kazakhstan’s National Oil and Gas Company said that the oil flow from the fountain is spewing out at a rate of 100 cubic meters per day.

In addition, oil was obtained at the previous test site. KMG said: "A series of studies are currently underway to gain more information about the nature of oil and gas on the horizon."

The operator of the Vostochny Bekturly project is Becturly Energy Operating Company, which is jointly controlled (50%) by KazMunayGas and Kokel Munai.

According to the agreement, KMG's partners will bear the cost of geological exploration. If the exploration is positive, then the company will use the funds spent to produce oil.

Just a month ago, Kazakhstan Gas Company announced that due to the oil and financial market crisis, the company will not conduct an IPO in 2020. In view of the changing situation in the global oil and financial markets, the company is currently reviewing the terms of the IPO.

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