KazMunaiGaz to Create Subsidiary for Caspian Development

KazMunaiGaz has created a new subsidiary, KazMunaiTeniz, which will oversee negotiations for new agreements, carry out feasibility studies and fulfill service contracts for offshore projects in the Caspian Sea. KazMunaiGaz will still monitor and control the progress of production sharing agreements.

The Kazakh Government is in the final stages of approving a development program for the Caspian offshore area. A licensing round for more than 100 blocks in the Kazakhstan section of the Caspian should follow approval of the development plan.