BAKU, Azerbaijan, January 17. The strategy of Kazakhstan's KazMunayGas (KMG) national company takes into account the potential for growth in reserves of operating and exploration assets for a 10-year period, while primary exploration work is carried out as an additional upside to increase the resource base, KazMunayGas told Trend.
According to KazMunayGas, launching primary exploration at five exploration sites is a significant element in the development of the company.
“This is a reserve for the future, necessary to support the continuous development of the Company in terms of the growth of hydrocarbon reserves”, the KMG statement continues.
In terms of the reasons for initiating exploration today, KazMunayGas strongly considers that a combination of technological advancements, lack of prior detailed research, or its incompatibility with new approaches, enables the company to launch geological and geophysical work.
KMG added that the analysis of geological and geophysical data, as well as the construction of basin modeling, made it possible to revise the concept of the development of geological exploration and place an additional emphasis on undeveloped areas.
At the end of 2022, KMG initiated primary exploration for the first time as part of the geological study of the subsoil at five exploration sites, including Berezovsky, Mugodzhary, Zharkyn, Northern Ozen, and Bolashak.