OREANDA-NEWS. June 22, 2010. In Almaty in the framework of the 4th International Investments Summit the NC KazMunaiGas JSC and TOTAL (France) signed a Memorandum of Understanding.

In accordance with the Memorandum the NC KazMunaiGas JSC and TOTAL will jointly assess the exploration potential of hydrocarbons on Zhenis block.

TOTAL will also participate with KMG in setting up a Rig Club with interested potential users for use of a Jack Up Drilling Unit in the Kazak Sector of the Caspian Sea.

Zhenis block is located in the southern part of the Caspian Sea 80km away from the coastline with 75-100m water depth. Forecasted in place resources are estimated at 615 mln tons of oil equivalent, anticipated recoverable oil reserves – 179 mln tons.