KazMunayGaz Exploration Extraction has held a shareholder meeting and
decided to reorganize the company, Trend reports.
The company purchased 100% of NBK from Eastern Gate Management Ltd. in
September 2010 for $35 million. NBK is developing the Novobogatinskoye
Zapadnoye based on a contract until 2027. NBK assets will integrate
into assets of Embamunaygaz.
KazMunayGaz Exploration Extraction is one of the top 3 oil extractors
in Kazakhstan. The company extracted 13.3 million tons (270,000
barrels daily), with account of Kazgermunay, CCEL, PetroKazakhstan
Inc. and NBK, in 2010. KazMunayGaz has 232 million tons of reserves
(1.7 billion barrels), or 2.2 billion barrels with accounts of other
companies. The company offered $2 billion for IPO in September 2006.
Standard&Poor's gave it a rating of BB+ in July 2010 and GAMMA-6 in
November 2010.
NBK has license N992 for exploration and extraction of hydrocarbons,
issued in September 2002, at the Novobogatinskoye Zapadnoye field in
the Atyrau Region. It has about 13 million barrels. The assets are
worth $2.7 billion. Independent estimates say there are 12.9 million
barrels to be extracted.
