Here is a press release by Shell concerning its agreements with Temir.
17-08-2000:
Shell Temir Petroleum Development BV (a wholly owned subsidiary of Shell Nederland BV) and Maersk Oil have signed agreements effecting a transfer of Shell Temir’s 60 percent participating interest in, and operator ship of, the Temir Production Sharing Contract (PSC) to Maersk Oil Kazakhstan GmbH, a wholly-owned subsidiary of Maersk Olie og Gas AS.
The agreements have been approved by Veba Oel Kasachstan GmbH, a wholly owned subsidiary of Veba Oil & Gas GmbH, which holds a 40 percent participating interest and by the Agency of the Republic of Kazakhstan on Investment, which represents the interests of the Kazakhstan government in the Temir PSC.
The Temir PSC confers subsoil use rights in an area of about 19,000 km2 located some 100km south of the city of Aktobe onshore Western Kazakhstan. The PSC is located to the NW of the large Zhanazhol, Kinkyak and Alibekmola oil fields and contains the Saigak oil discovery.
Christian Bukovics, general manager of Shell Temir Petroleum Development BV, commented: “The divestment of Shell’s interest in the Temir PSC is part of Shell’s ongoing world-wide portfolio rationalisation efforts. It reflects in no way on Shell’s other plans in Kazakhstan, where the company invests already in the upstream (OKIOC, Karakuduk field development), midstream (participation in CPC) and downstream (marketing of lubricants and chemicals) business, and is carefully reviewing further growth opportunities.
“We are very happy that in Maersk Oil we have found a highly competent buyer and operator who is committed to progressing further exploration of the PSC area and development of the Saigak field, providing job opportunities and investment for this region. Shell and Maersk Oil have a long history of good co-operation.”
Source: Shell Oil Company.
