U.K.-based energy company BG Group PLC (BG.LN) and Kazakh state energy company KazMunaiGas signed an agreement Friday to study the oil and gas reserve potential of areas in Kazakhstan and other countries.
"The companies will work in partnership to identify opportunities across a range of potential oil and gas exploration and production projects. A joint team will examine specifically targeted regions and recommend prospective acrage to partners for their consideration." the companies said in a statement.
KMG President Kairgeldy Kabyldin said the agreement will, "play an important role in accelerating our strategy for international growth."
"These agreements build on BG Group's substantial long-term investments in one of the region's most dynamic and attractive economies," said BG Group's executive vice-president and managing director for Europe and Central Asia, Mark Carne.
BG Group is joint operator of the large Karachaganak gas and condensate field in Kazakhstan, although it recently delayed plans to expand the development citing high costs.