Petrolinvest, Total to Cooperate in Kazakhstan

Petrolinvest controlled Kazakh firm, OilTechnoGroup and Total have inked a deal to cooperate in exploring for oil and gas in Kazakhstan.

Total has agreed to invest $70 million and in return will acquire 50 per cent stake in OTG concession.

“Total's cooperation was requested not only in terms of financing, but also the wealth of experience in the development of hydrocarbon deposits resulting from its handling of oil fields around the world, including in Kazakhstan, where it is one of the largest investors,” said Bertrand Le Guern, president of Petrolinvest.