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Bloomberg: KazMunaiGaz Says Well at Zhemchuzhina Field Shows Signs of Oil

By Nariman Gizitdinov

Oct. 2 (Bloomberg) — Kazakhstan’s Zhemchuzhina field, being developed by Royal Dutch Shell Plc, produced signs of oil at the first well drilled, according to state-owned KazMunaiGaz National Co., which owns 25 percent stake of the field.

“The first drilling well at the Zhemchuzhina oil structure found signs of oil,” KazMunaiGaz National Chief Executive Officer Uzakbai Karabalin said today at press conference in Almaty, the nation’s largest city. “We plan to continue drilling and complete this work within a month.”

Shell has a 55 percent stake in Zhemchuzhina, which may hold 97 million tons of extractable oil and gas. Oman Oil Co. owns 20 percent, according to a presentation given last October given by Zhakyp Marabaev, a director at KazMunaiGaz’s exploration unit.

To contact the reporter on this story: Nariman Gizitdinov in Almaty, through the Moscow newsroom at [email protected]

Last Updated: October 2, 2007 07:27 EDT

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