Kazakh state oil and gas company KazMunaiGas said Monday that it is in talks with China National Petroleum Corp. over a possible joint purchase of a stake in Kazakhstan-based Mangistaumunaigas.
"The talks are currently ongoing with CNPC over Mangistaumunaigas," a company spokesman said. "It's not a settled issue yet, but there's progress."
The spokesman said it isn't clear when the deal between the Kazakh and Chinese oil and gas companies could be reached.
Central Asia Petroleum owns 100% of Mangistaumunaigas, which holds 36 oil and gas fields, 15 of which are being developed. Its two largest oil fields - Kalamkas and Zhetybai - have 128.9 million metric tons of oil and account for 88.8% of Mangistaumunaigas' recoverable reserves.