MOL Group and KazMunayGas sign cooperation agreement

MOL Group and Kazakhstani national oil company KazMunayGas (KMG) have signed a cooperation agreement to jointly explore opportunities in the oil, gas and petrochemical sector. This agreement builds on the successful joint venture in Kazakhstan, where MOL, KMG and Sinopec from China have been producing gas and gas condensate at the Rozhkovskoye field.

The Agreement’s key priority is the expansion of the existing exploration and production cooperation and the application of MOL technology in Kazakhstan to increase the yield of mature producing fields and the sale of produced hydrocarbons in Europe. In addition to this, the partners will seek opportunities of potential petrochemical project concepts in Kazakhstan. Also, the two companies are looking for possible import of Kazakh crude oil to Europe and Hungary.

KMG and MOL Group have been successfully working together in the Rozhkovskoye gas and gas-condensate field in Kazakhstan as part of the international joint venture including KMG, Kazakhstan (50%), MOL Group, Hungary (27.5%), and FIOC, China (22.5%). The field was discovered in 2008 and after exploration and appraisal, five out of nine drilled wells were successfully re-completed for production. First gas was reached in December 2023, and since then production of the wells boosted to 1.35 million cubic metres of gas per day gross, contributing by 4,43 thousand barrel per day of oil equivalent to MOL Group’s production.