KazMunaiGas EP ready to invest up to $300 million in geological exploration in Kazakhstan

Astana, Kazakhstan, July 25
By Daniyar Mukhtarov - Trend:

Kazakh "KazMunaiGas Exploration Production" JSC confirmed its readiness to annually invest $300 million in geological exploration work in Kazakhstan, according to the press-service of the company.

"As of 2011-2013 results of exploration work, the company reassessed the prospects of existing exploration assets. In accordance with the approved business plan for 2014-2018, it is considered to focus on the most promising blocks of the existing portfolio of gas exploration assets. However, the company confirms its willingness to invest annually up to $300 million in exploration upon the emergence of promising exploration projects," the report said.

The report also noted that the cost of exploration and evaluation in 2013 amounted to 13.1 billion tenge ($86 million). In 2012 company`s similar expenses amounted to 6.1 billion tenge ($41 million).

"In 2013, the company acknowledged the cost on write-off dry well in the amount of $6.2 billion tenge ($40 million) drilled at "White Bear" exploration block, dry wells in the amount of 2.9 billion tenge ($19 million) drilled at "Zharkamys East" exploration block, and two dry wells in the amount of 1.3 billion tenge ($9 million), drilled at the "Karaton-Sarkamys exploration block," - said in a statement.

Edited by S.I.