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

A contract for the exploration and production of hydrocarbons at the Northern-1 subsoil plot 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 Board of QazaqGaz Asylzhan Dauletov, and General Director of SNPS-Aktobemunaigas Zhu Shitao.

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

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

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