China, Kazakhstan agree to cooperate in oil and gas industry

China National Offshore Oil Corporation vows to step up cooperation in the oil and gas industry with Kazakhstan, including in oil and gas exploration and development, as well as oilfield services and other related fields.

The company signed a Memorandum of Understanding with Kazakhstan's national oil and gas company KazMunayGas JSC, also known as KMG, on Monday in Beijing. As part of the agreement, the two countries will conduct joint geological research on promising exploration projects and expand cooperation on existing fields and oilfield services in Kazakhstan.

CNOOC is ready to share experience and expertise in the field of geological exploration and it is expected the cooperation of the companies will bring significant results, said Wang Dongjin, chairman of CNOOC.

Magzum Mirzagaliyev, chairman of KMG, said the document will serve as a driver for further cooperation and the discovery of new hydrocarbon deposits.