Total Acquires a 75% Interest in 2 Onshore Exploration Blocks in Kazakhstan
Saturday 10 November 2012
PARIS (Total press service) – Total announces the acquisition of a 75% interest in two Kazakhstan’s Concessions, the “North” and “South” blocks, previously operated by Kazakh Company Nurmunai Petrogas LLP. These two onshore blocks cover an area of approximately 14,500 km² and are located in south-western Kazakhstan.
- (Photo: courtesy of Total)
The transaction, which was recently approved by the Kazakh authorities, broadens Total’s upstream portfolio in Kazakhstan beyond its existing Caspian Sea assets. As the new operator of the licenses, Total will acquire seismic data and subsequently drill a well in 2013.
“The acquisition of the stake in the Nurmunai Petrogas Concessions is in line with Total ambitious exploration strategy and strengthens the presence of the Group in Kazakhstan where it will deploy its expertise as operator in a region with promising potential,” said Yves-Louis Darricarrère, President Upstream.
Since 1992, Total has been present in Kazakhstan with the company’s 16.8% stake in the North Caspian permit, which includes the giant Kashagan field operated by the North Caspian Operating Company (NCOC).
Kazakhstan is also an integral part of Total’s exploration strategy: additional exploration projects are currently under review.