Xinjiang Zhundong in talks to buy Kazakhstan’s Galaz onshore field

Xinjiang Zhundong Petroleum Technology

China’s Xinjiang Zhundong Petroleum Technology is reported to be on the verge of acquiring Galaz & Co LLP, the company that owns the licences to explore and develop the Galaz Contract Area in Kazakhstan’s central Kyzylorda province in a deal worth at least $100m. The principal shareholders in Galaz are LGI (40%), Roxi Petroleum (34%), and Baverstock (24%). “For some time we have made it clear that while we are very pleased with our investment at Galaz, we view the opportunities at our flagship BNG asset to be greater,” said Roxi Petroleum’s  Chairman Carver. “The proposed sale ….would fund the bulk of what we have planned this year at BNG.”  The BNG Contract Area is located in the west of Kazakhstan, 40km southeast of Tengiz on the edge of the Mangistau province, covering an area of 1,561km². Times of Central Asia