ASTANA (TCA) — Kazakhstan’s Energy Ministry plans to auction more than 60 subsoil areas in 2017, Minister of Energy Kanat Bozumbayev said on November 1, while reporting on the country’s geological exploration, the official website of the Prime Minister of Kazakhstan reported.
According to the minister, there are more than 270 oil and gas fields in the country with recoverable oil reserves amounted to 4.847 billion tons as of January 1, 2016. The largest of them are Kashagan, Karachaganak and Tengiz fields, which account for the bulk of the country’s reserves (about 75%). At present, the number of existing contracts for subsoil use at the hydrocarbon fields has reached 210.
“The ministry has conducted a comprehensive practical and normative work to create favorable conditions for investment in exploration,” Bozumbayev said.
According to him, the Ministry initiated the Eurasia project; it is planned to conduct geological work followed by drilling ultra-deep wells for the study of deep horizons of the Caspian Basin. According to experts, 40 billion tons of hydrocarbons are concentrated there. At the moment, negotiations with potential investors are being held.
Also, the analysis of geological and geophysical data in cooperation with KazMunayGas national oil and gas company continues to assess the hydrocarbon potential of deep horizons in the Kazakh sector of the Caspian Sea; following the results it is planned to identify promising areas and to create a portfolio of exploration blocks.
The results of two competitions for the right to use subsoil for exploration of hydrocarbons have been summarized in 2015-2016. As a result, there are winners in eight areas.
“Thirteen contracts have been signed since the beginning of 2015, 8 on exploration, 2 on combined exploration and production, and 3 on extraction,” Bozumbayev said. He added that it was proposed to conduct geological exploration exclusively in poorly studied areas of sedimentary basins, to provide private investors with plans for further full-scale exploration.
