Kazakh national oil and gas co. launching exploration projects
Baku, Azerbaijan, Oct. 27
By Elena Kosolapova - Trend:
Kazakhstan's national oil and gas company KazMunaiGas (KMG) is launching a number of exploration projects.
The KMG told Trend Oct. 27 that geological exploration projects were scheduled in the Kazakh sector of the Caspian Sea (Block N, Zhambyl, Makhambet etc.) and on the land part (Urikhtau, Kansu, North Karpov, Fokshani etc.), and their realization is already starting.
These projects focus on oil and gas explorations in the Palaeozoic and Mesozoic sediments within Kazakhstan's sedimentary basins, which mainly have proven oil and gas content.
The KMG said that in the coming years it plans to hold geological exploration in Kazakhstan and Romania.
The exploration will be carried out both with funds of the KMG itself and funds from partners.
The KMG said memorandums of understanding on future cooperation were signed on several projects with such companies as Statoil, Total, Lukoil, Eni, Petrovietnam and others.
"Here the matter rests in collaboration on Mugodzhary, Abay, Isatay, Zhenis and other projects," the KMG added.
Earlier, Kazakhstan's Energy Minister Vladimir Shkolnik said the KMG plans to direct about $5 billion on exploration in three years.
"This will ensure the growth in the company's proved reserves from 823 million metric tons up to 1.4 million metric tons in 2022," Shkolnik added.
The KazMunaiGas (KMG) National Company is Kazakhstan's national operator for exploration, production, refining and transportation of hydrocarbons.
The company represents the state's interests in the oil and gas industry of Kazakhstan, and is wholly owned by the state through the National Welfare Fund Samruk-Kazyna.
Edited by CN