Kazakh state oil and gas company KazMunaiGas, or KMG, has been awarded an exploration and production contract for the Mertviy Kultuk offshore oilfield in the Caspian Sea, the company said Monday.
KMG said in a statement released Monday that the field's probable reserves amount to 154 million metric tons of crude oil. Mertviy Kultuk is 7,272 square kilometers. The water depth at the field is 1 to 2.5 meters deep.
KMG said 50% in the project would be transferred to a group of Kazakh investors after getting all the regulatory approvals.