Oil and gas operations in the Chinarevskoye Field began during the Soviet era with the drilling of nine wells. Hydrocarbons were subsequently discovered in the Biski and Afoninski reservoirs in 1991. The discovery of the Tournaisian reservoir followed in 1992, but drilling came to a halt in 1993 due to a lack of government funding.

In 1997, Zhaikmunai was granted the exploration and production license and the Production Sharing Agreement (PSA) and commenced exploration activities in the Chinarevskoye field. Three of the wells that were drilled during Soviet times were reactivated between 2000 and 2002. In 2003, Zhaikmunai discovered the Givetian (Mullinski) accumulation and in 2004 the Lower Permian reservoir was successfully tested. An Oil Treatment Facility (OTU) was completed in July 2006. In 2007, gas condensate was discovered in the Givetian (Adatovski) and Southern Tournaisian reservoirs and during the same year, crude oil was discovered in the Bashkirian formation.

In May 2008, commercial prospects were declared for the Mullinsky oil and gas condensate pool, the Ardatovsky gas condensate pool, the Famenian oil and gas condensate pool and the Biski-Afoninski oil and gas pool. New commercial discoveries were also made in the south and west regions of the Tournaisian reservoir.

According to management estimates based on data included in the Ryder Scott reserves report of 2004, Zhaikmunai had approximately 28 million boe of proven reserves. Zhaikmunai's primary exploration effort from 2004 to 2006 was dedicated to the Tournaisian horizon. Increased drilling and improved geological data led Zhaikmunai to commission further independent engineer's reserves reports from Ryder Scott (see Reserves Section).