Eric Watkins
Senior Correspondent
LOS ANGELES, Oct 7 -- Kazakhstan's state oil and gas company KazMunaiGaz and China National Petroleum Corp. plan to develop Darkhan oil field in the north Caspian Sea.
Darkhan lies in 3-5 m of water 11 km west of the Bozashy Peninsula and 60 km south of the port of Bautino.
Kazakh First Deputy Energy and Natural Resource Minister Baktykozha Izmukhambetov said the companies agreed at a meeting held in Beijing in early September to conduct the joint exploration and production.
Izmukhambetov did not specify when the agreement would go into effect but said it was the first of several joint initiatives planned by the two sides.
Contact Eric Watkins at [email protected].
