CMOC and KING Sign Cooperation Agreement at Kazenergy Forum in Almaty
2 june 2010
PRESS RELEASE
Almaty
2 June 2010
CMOC1, Joint Operating Company of the Pearls block, and KING2 signed a Memorandum of Understanding to mark the beginning of the development phase of the Pearls project.
The two organisations agreed close cooperation in order to deploy petroleum engineering solutions for the development of the Pearls licence.
The objective of the agreement is to ensure the effective combination of the petroleum engineering capabilities of KING in Kazakhstan and the experience of the Pearls partner companies KMT, Shell and Oman Oil in support of a safe and rapid development of the Pearls discoveries with maximum technology transfer and local content.
Reference:
1 — CMOC was established on 08 January 2007 in the Netherlands. CMOC shareholders are KazMunayTeniz JSC (40%), Shell EP Offshore Ventures Ltd (40%) and Oman Pearls Company Ltd (20%). In April 2007, CMOC registered a branch office in Aktau, Kazakhstan.
KazMunayTeniz JSC was established on 14 March 2003 as a 100% affiliate of KazMunayGas JSC. Shell EP Offshore Ventures Ltd is a member of the Shell Group of Companies. Oman Pearls Company Ltd is registered under the laws of the United Kingdom on 02 November 2005 as a 100% affiliate of the Oman Oil Company in the Sultanate of Oman.
Pearls Production Sharing Agreement was signed on 14 December 2005 between the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan, Shell EP Offshore Ventures Ltd (55%), KazMunayTeniz JSC (25%) and Oman Pearls Company Ltd (20%) as a consortium of subsoil users.
2 — JSC «Kazakh Institute of Oil and Gas (KING) is one of the leading companies on the Kazakhstani market experienced in engineering, designing and project management in the petroleum sector and is 100% subsidiary company of JSC NC «KazMunaiGaz» — National Operator in Exploration & Production and Processing & Marketing inside Kazakhstan and abroad.
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