KZT devaluation leads to postponement of many oil, gas projects in Kazakhstan
Astana, Kazakhstan, Dec.22
By Daniyar Mukhtarov - Trend:
Drilling operations within the framework of many projects in the Kazakh part of the Caspian shelf were postponed for 2015 in connection with the devaluation of the KZT, a informative source, close to the oil and gas community, told Trend Dec.22.
"In 2014, not a single drilling exploration well has been produced on many planned offshore blocks (the Kazakh part of the Caspian shelf) due to the devaluation of the KZT," the source said on condition of anonymity. "In this regard, it was necessary to revise the estimates of work. All that was planned in 2014 was postponed for the next year."
At the same time, he said that drilling work was conducted on such promising blocks as Zhambyl and "N."
It was earlier reported that the resource base reserves of Kazakhstan's national company KazMunaiGas (KMG) will be replenished mainly with the help of fields in the Kazakh part of the Caspian shelf.
"Geological exploration is a priority of our company in order to replenish the resource base," the KazMunaiGas Chairman Sauat Mynbayev said earlier. "Potentially, a number of blocks on the Caspian shelf can replenish our reserves."
Mynbayev said the block "N" could potentially replenish KMG's reserves on the shelf.
"This year, we drilled the first well, and the second well will be drilled next year," he said, adding that on the basis of outcomes of drilling of the two wells, KMG expects to include the field into the balance sheet with certain stocks of raw materials.
However, Mynbayev didn't name the exact volume of the reserves, because as he said "it is still too early to talk about it."
"We completed exploration at the Zhemchuzhina (Pearl) block jointly with Shell and Oman Oil," Mynbayev said.
He noted that the exploration at the Kalamkas block was also completed, and a well was drilled at the Zhambyl block, jointly with a Korean company.
"And only after drilling of a second well at Zhambyl, we will be able to speak about what the reserve will replenish our resource base," he said.
He said geological exploration is being carried out at the Isatai block as well.
"KazMunaiGas is working jointly with the Energy Ministry of Kazakhstan on a possible conclusion of contracts for geological exploration on the Abay and Zhenis blocks," Mynbayev said.
Mynbayev also said onshore geological explorations are underway, but it is early to talk about their results.