Total to Acquire 50% Interest in Kazakh License
Total signed an agreement to acquire a 50% interest in Kazakhstan's Concession held by OilTechnoGroup (OTG), the Kazakh subsidiary of Poland's Petrolinvest. The roughly 5,500-square-kilometer onshore license presently being explored is located in northwestern Kazakhstan.
The transaction, subject to the Kazakh government approval, broadens Total's portfolio of acreage in Kazakhstan. As operator of the license, Total will proceed with a work program that includes reprocessing of seismic data and drilling of a well. A well has already been drilled on the license, with encouraging results.
"The acquisition of the stake in the concession held by OTG allows the Group to deploy its deep drilling expertise as an operator in Kazakhstan in a region with promising potential," said Yves-Louis Darricarrère, President, Total Exploration & Production.
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). Kashagan is planned to enter into production at the end of 2012.
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