Petrolinvest and Total agree on Kazakhstan cooperation
May 25. Warsaw Business Journal
OilTechnoGroup, a Kazakh company controlled by Gdynia-based oil company Petrolinvest, and Total E&P Koblandy, a firm owned by French company Total, have signed a cooperation agreement on operations in Kazakhstan, reported Rzeczposppolita.
The two companies will now continue exploring for oil and gas on the Kazakh concession OTG.
The French company has pledged to invest $70 million, with which it plans to dig a deep borehole, called K-4. In return for the investment Total has acquired a 50 percent stake in the OTG concession.
“Total’s cooperation was requested not only in terms of financing, but also the wealth of experience in the development of hydrocarbon deposits resulting from its handling of oil fields around the world, including in Kazakhstan, where it is one of the largest investors,” said Bertrand Le Guern, president of Petrolinvest.