Janaf enters upstream oil and gas sector via Kazakhstan partnership

Janaf has officially entered the upstream segment of the oil and gas industry by becoming a 50 percent co-owner of Geoenergija razvoj. This move expands the company's operations from transport into the exploration, drilling, and exploitation of hydrocarbons on an international scale.

The partnership involves a Joint Operating Agreement with the Kazakh state-owned company KazMunayGas (KMG) to explore the Shygys block in Kazakhstan. The project will be conducted on a 50/50 basis between KMG and Geoenergija razvoj. Janaf will fully finance the geological research phase, with planned investments of up to 43.68 million euros.

The minimum work program includes conducting 2D seismic research over an area of 500 kilometers and drilling an exploration well to a depth of 3,500 meters. Janaf becomes the only Croatian company, alongside Ina, to engage in these upstream activities.