KazMunayGas, Croatia's Geoenergija Razvoj sign contract to develop Shygys oil project in western Kazakhstan

ASTANA. April 2 (Interfax) - Kazakhstan's Energy Ministry, JSC National Company KazMunayGas (KMG), and Croatia's Geoenergija Razvoj d.o.o. have signed a contract on the exploration and production of hydrocarbons at the Shygys field in the Aktobe Region, the press service of Kazakhstan's Energy Ministry reported.

The respective parties signed the document in Astana at the Geoscience & Exploration Central Asia International Geological Forum.

"The Shygys project will be implemented on a 50/50 basis, with the Croatian side providing full funding for the exploration phase. The minimum work program includes 500 km of 2D seismic surveys and drilling a 3,500-meter-deep exploratory well," the press service said.

The signed contract enshrines the strategic partnership between Kazakhstan and Croatia. KMG notes that this is the Croatian company's first entry into Kazakhstan's geological exploration sector, demonstrating the dynamic development of interstate economic collaboration.

The Shygys license area covers 2,420 square kilometers.

KazMunayGas is Kazakhstan's national operator for hydrocarbon exploration, production, processing, and transportation, representing the state's interests in the oil and gas industry.

Geoenergija Razvoj d.o.o. is a wholly owned subsidiary of the Croatian Hydrocarbon Agency.