"The memorandum of understanding signed by the companies lays a foundation for joint exploration, development and production of hydrocarbons at the untapped onshore block in Mangistau oblast at the territory of Kazakhstan.
"The parties intend to develop bilateral cooperation in exploration and production of hydrocarbons. PetroVietnam, being an oil and gas company with ample experience in exploration and production of oil and natural gas, expressed interest in exploration and production of hydrocarbons at the territory of Kazakhstan,” the press-service writes.
According to the press-service, this July the companies signed an agreement on technical services that enables KazMunaiGas to render technical services to PetroVietnam corporation.
"The results of the services will define the prospects of further exploration works at the block in question. Should the area meet the expectations, the companies will continue their joint operations in line with the memorandum terms, and will start negotiating commercial, technical and contract terms, including the companies’ shares in the project,” the company states.