Major events in Caspian countries' oil and gas industry for last week ( Dec. 9 - 13 )

Analysis Materials 17 December 2013 15:09 (UTC +04:00)

Extensive development expected in Kazakh oil industry

Extensive development is the most probable scenario for the Kazakh oil industry in the short term, director of the Oil, Gas & Chemicals department at Strategy Partners group Andrey Zauter said in Astana.

Zauter presented a draft strategy for Kazakh's fuel - energy complex development until 2030.

"The fields being developed in Kazakhstan are characterized by an extremely low coefficient of oil recovery due to the lack of incentives for the optimization of the field development regime," he said. "It is necessary to create incentives to increase the efficiency of exploration, production and processing, as well as to lift the restrictions on the oil product markets to support the development of the oil industry."

Turkmenistan conducts geological exploration at large Galkynysh field

A 517,700 cubic meter gas flow per day was obtained from well No 1 in the Dolyguyy area near the Turkmen giant gas field of Galkynysh in Mary province which is the second largest in the world, the Turkmen Ministry of Petroleum and Mineral Resources said.

'Data obtained by geologists testifies that that local productive gas-bearing strata is connected with the South Eloten-Osman areas which is the core of the Galkynysh field', a statement said.

Moreover, the data confirmed the continuation of the Galkynysh field in the northern direction towards Dolyguyy which creates the prerequisites for further adjustment of the valuation of reserves of the giant field upward.