Shell signs contract with Kazakhstan to explore Zhanaturmys oil and gas block

Reuters03-05 15:07

Shell signs contract with Kazakhstan to explore Zhanaturmys oil and gas block

ALMATY, March 5 (Reuters) - Shell's SHEL.L Kazakhstan subsidiary and the Central Asian country's Ministry of Energy have signed a contract for geological exploration of the Zhanaturmys field in the Aktobe region, the ministry said on Thursday.

The Zhanaturmys block, covering 1,377 square kilometres (532 square miles), is located in one of Kazakhstan's oil and gas basins.

The contract, which runs until 2032, includes seismic surveys, data collection and technical assessments carried out in line with regulatory requirements and subject to the necessary permits.

The ministry's statement did not provide information on the volume of investment.

Shell and its partners in two major projects in Kazakhstan are engaged in international arbitration. In January, Karachaganak shareholders, including Shell, lost a legal dispute worth up to $4 billion.

Litigation for the Kashagan project, in which Shell is also a shareholder, is ongoing, amounting to approximately $160 billion.

(Reporting by Felix Light, Editing by Louise Heavens)

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