France's Total announced Friday that it has acquired a 75-percent interest in two Kazakhstani concessions that cover approximately 5,575 square miles in the southwest of Kazakhstan.
The onshore blocks, dubbed the 'North' and 'South' blocks, were previously operated by Kazakh firm Nurmunai Petrogas.
Total said that the transaction, which was recently apprioved by the Kazakh authorities, broadens its upstream portfolio in Kazakhstan beyond the company's existing Caspian Sea assets. As the new operator of the licenses, Total will acquired seismic data and subsequently drill a well in 2013.
Yves-Loius Darricarrère, Total's president for it upstream business, commented in a company statement:
"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."
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles