Sinopec and KazMunayGas Expand Cooperation in Exploration and Production
China's Sinopec seeks to enhance collaboration with KazMunayGas on geological exploration and production projects. The partnership aims to leverage advanced techniques and expertise to boost oil output and develop carbon capture technologies.
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Sinopec and Kazakhstan's KazMunayGas (KMG) are deepening their collaboration in exploration and production projects, including a strategic partnership in the Berezovsky exploration project, which operates on a 50/50 financing model. Planned activities include 900 kilometers of 2D seismic surveys and 300 square kilometers of 3D seismic surveys, aimed at supporting the development of a complex ultra-deep well reaching 7,000 meters.
Additionally, the construction of a polyethylene plant is progressing, with over 34% completion and annual capacity set at 1.25 million tons. The joint venture Kazakhoil Aktobe targets an increase in oil output from 500,000 to 800,000 tons by 2028. The discussions also touched on potential joint initiatives in carbon capture technologies.
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