Kazakh KMG company announces plans for 2015

Astana, Kazakhstan, Jan. 9

By Daniyar Mukhtarov - Trend:

Kazakhstan's KazMunaiGas (KMG) JSC national company plans to continue the implementation of oil operations in 2015 in accordance with the terms of the subsoil use contracts, KMG told Trend.

"It is expected to complete the drilling of the appraisal well at the Rakushechnoye-sea structure (the current bottomhole is 894 meters), to start drilling an exploratory well at the Satpayev site and complete the joint work with partners on choosing the concept for equipping the Khazar field," the company said in response to Trend's official request.

KMG said that currently, its portfolio includes a number of promising geological exploration projects, as well as those that are under implementation in the Kazakh sector of the Caspian Sea.

The promising projects include those within which KMG is carrying out work on getting the right for subsoil use. These projects are 'Abay', 'Isatay' and 'Ustyurt'.

"KazMunaiGas has signed protocols on each of these projects on direct talks with the rule-making body of Kazakhstan and currently, is deciding on the draft contracts for subsoil use," said the company.

Moreover, the company said that the research at Kalamkas-sea, Aktoty, Kairan and South-West Kashagan fields will continue in 2015.

It was earlier reported that contracts for subsoil use were signed on such projects as 'Zhemchuzhina' (Pearl), 'Zhambyl', 'Satpayev', 'N' and others. Geological exploration work within these projects is underway.

Previously, it was reported that KazMunaiGas has postponed the drilling work within many projects in the Kazakh sector of the Caspian Sea to 2015 due to the devaluation of KZT.

In this regard, KazMunaiGas National Company had to revise the estimate of the planned work. Everything scheduled for 2014 was postponed for 2015.

The resource base reserves of Kazakhstan's national company KazMunaiGas (KMG) will be mainly replenished through the fields in the Kazakh part of the Caspian shelf, KazMunaiGas Chairman Sauat Mynbayev said earlier at a final press conference in Astana in early December 2014.

"Geological exploration is a priority of our company in order to replenish the resource base," Mynbayev said. "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.

"We drilled the first well in 2014 and the second well will be drilled in 2015," he said. "On the basis 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. "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 the second well at Zhambyl, we will be able to speak about the oil reserves which will replenish our resource base," he said.

Geological exploration is being carried out at the Isatai block as well, he noted.

"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.

Edited by CN

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