Ever since the Kazakh state company KazMunayGas (KMG) approved a Joint Operating Agreement with Geoenergija razvoj in February this year, which resulted in the signing of an oil and gas exploration and production contract in the Shygys block in Kazakhstan in early April, it was clear that this was too big a bite for a company that was established last year with a share capital of only 2,660 euros by the Hydrocarbon Agency (AZU).
However, from the beginning of this venture, it was planned that AZU would play the main role only temporarily, until Geoenergija razvoj obtained a concession in Kazakhstan, after which Janaf would take over.
Janaf’s General Assembly decided back in January that the company would enter into co-ownership of Geoenergija razvoj by increasing its share capital by an additional 2,660 euros, and that it would then pay up to 43.68 million euros to that company for the purpose of financing the hydrocarbon exploration and exploitation project in the Shygys exploration field.
A few days ago, Janaf reported that it had signed documentation to join the ownership structure of Geoenergija razvoj, in which it enters as a 50% co-owner.
Thus, Janaf is participating for the first time in the upstream segment (exploration, drilling, and exploitation of oil and gas), thereby complementing its transport activities with a research and exploitation role on the international stage, as the only Croatian company besides Ina.
The joint project of KMG and Geoenergija razvoj will be conducted on a parity basis (50/50), with the Croatian side fully financing the geological research phase. The minimum work program includes conducting 2D seismic surveys over a range of 500 kilometers and drilling an exploration well 3,500 meters deep. (M. T.)
