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Total takes on more Kazakh assets

Nov. 9, 2012 at 7:14 AM

PARIS, Nov. 9 (UPI) -- French supermajor Total announced it acquired a majority stake in two onshore concessions in Kazakhstan.

Total said it acquired a 75 percent stake in two blocks from state energy company Nurmunai Petrogas. The area covers about 5,600 square miles in southwestern Kazakhstan.

Total said the deal broadens its regional assets beyond what it holds currently in the Caspian Sea.

"The acquisition of the stake in the Nurmunai Petrogas concessions is in line with Total ambitious exploration strategy and strengthens the presence of the group in Kazakhstan where it will deploy its expertise as operator in a region with promising potential," Total executive Yves-Louis Darricarrere said in a statement.

Total didn't indicate a reserve potential for the area. It's been involved in the giant Kashagan oil field since 1992.

Kashagan is one of the largest oil fields in the world, with as much as 16 billion barrels of estimated commercial reserves. Its Karachaganak field holds about 2.4 billion barrels of oil and an estimated 15 trillion cubic feet of natural gas.

The International Energy Agency in October said oil exports from Kazakhstan should more than double by 2035.

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