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OMAN AND KAZAKHSTAN SIGN AGREEMENT TO EXPLORE AND DEVELOP KAZAKH OIL FIELDS

 OMAN AND KAZAKHSTAN SIGN AGREEMENT
 TO EXPLORE AND DEVELOP KAZAKH OIL FIELDS
 MUSCAT, Oman, June 18 /PRNewswire/ -- An agreement to explore, develop and produce oil and gas in Kazakhstan has been signed by the governments of the Sultanate of Oman and the Republic of Kazakhstan, it was announced today.
 The agreement calls for Oman to explore, develop and produce hydrocarbons in the Atyrau area and to develop known reserves of oil and gas in the Dunga Field. The agreement covers an exploration area of some 16,000 square kilometers in the Atyrau area, in addition to the already-discovered reserves of the Dunga Field. The Atyrau area is located north and east of the city of Atyrau, which prior to Kazakhstan's independence last December had been called Guryev. The Dunga Field is located near Aktau, which was formerly known as Shevchenko.
 The agreement is the latest in a series of undertakings by Oman to develop the petroleum resources of Kazakhstan, which currently produces about 500,000 barrels per day of oil. Efforts to further develop the country's vast untapped petroleum resources have increased significantly since Kazakhstan achieved its independence from the former Soviet Union.
 Yesterday, Oman and Kazakhstan signed a joint venture agreement to form a pipeline consortium which will provide Kazakhstan with an international capability to export its oil reserves, including oil from the Tengiz Field, which will be developed by Chevron Corporation.
 "We are seeking overseas investment opportunities in the petroleum industry. This strategy allows us to leverage our experience in a business we know well. The agreement to explore and develop the Kazakhstan oil fields is an example of that strategy," said His Excellency Qais Bin Abdul Munim Al Zawawi, Oman's Deputy Prime Minister for Financial and Economic Affairs. He and His Excellency Said Bin Ahmed Al Shanfari, Minister of Petroleum and Minerals, signed the agreement on behalf of Oman.
 The agreement on the Atyrau area and Dunga Field was signed on behalf of Kazakhstan by Prime Minister Sergei A. Tereshenko and Kadyr K. Baikenov, Deputy Prime Minister for Energy and Fuel Resources.
 The exploration, development and production of the Atyrau area and the Dunga Field will be carried out by OOC Ltd., which is owned by Oman's Ministry of Petroleum and Minerals, and is the vehicle for making investments in oil ventures outside of Oman.
 -0- 6/18/92
 /NOTE TO THE EDITORS: Hill and Knowlton, Inc., has circulated this material as the international communications counsel for the principal noted above. Hill and Knowlton, Inc. is registered pursuant to 22 U.S.C. 612 with the Department of Justice, where its registration statement and this material are available for inspection. Registration does not indicate approval of this material by the U.S. Government./
 /CONTACT: Andrew Komendantov of Hill and Knowlton, 212-697-5600 or (direct line) 212-210-8745, for the Sultanate of Oman/ CO: Sultanate of Oman; Republic of Kazakhstan ST: IN: OIL SU:


TS -- NY012 -- 1382 06/18/92 09:09 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
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