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To jointly acquire company with licenses to explore 15 fields in Kazakhstan, Caspian region, gaining 40 MMBO/year, 41.8 Bcmg.

China National Petroleum Corp. (CNPC) and Kazakh state oil company KazMunaiGas plan to jointly acquire JSC Mangistaumunaigas in Kazakhstan for US$3.3 billion. JSC Mangistaumunaigas owns licenses to explore and develop 15 oil and natural gas fields in Kazakhstan as well as oil fields in the Caspian region. Annual production for 2008 was 40 million barrels, and had 41.8 billion cubic meters of natural gas reserves. The companies would be 50-50 partners in the deal. "The transaction is an important step to develop long term strategic partnership between China and Kazakhstan. It also helps with our overseas expansion," CNPC, China's largest oil producer, said in an on-line statement.