Kazakhstan Signs $7.5M Oil Exploration Deal for Northern-1 Block

A contract for the exploration and production of hydrocarbons at the Northern-1 subsoil block in the Aktobe region has been signed at the Ministry of Energy of Kazakhstan.

The document was signed by Vice Minister of Energy Yerlan Akbarov, Deputy Chairman of the Management Board of QazaqGaz Asylzhan Dauletov, and General Director of SNPS-Aktobemunaigaz Zhu Shitao.

The subsurface use contract stipulates the execution of both 2D and 3D seismic surveys, as well as the drilling of independent and dependent exploratory wells. The total investment volume for these geological exploration works is set at 3.5 billion tenge (approximately $7.5 million).

The signing enables a comprehensive program of geological exploration activities to proceed. The Northern-1 block is characterized by high potential for the discovery of new hydrocarbon reserves.

The agreement reflects progressive development in interstate economic cooperation and confirms a mutual interest in further strengthening and expanding bilateral ties between Kazakhstan and China.