Kazakhstan to implement new oil project worth $500 mln in the Caspian basin

Kazakhstan as part of the international consortium will start implementation of a new major oil project "Eurasia" in the Caspian Basin worth $ 500 million, this has been announced today by First Deputy Minister of Energy Uzakbai Karabalin at the international forum for exploration.

According to his words, nowadays the world is aware that traditional easy oil is a thing of the past and, as experts believe, the major new oil and gas resources are located at depths of 7-15 kilometers. This is evidenced by the fact that major deep oil and gas fields have been discovered in the Gulf of Mexico at a depth of 10 kilometers.

"In the light of the above mentioned we should note that our oil and gas resources are in the fields of the Caspian depression. It has 75-80 percent of hydrocarbon resources of the country. However, after 15-20 years oil production at major Tengiz and Karachaganak fields will go down," he said.

He stressed that resources can be made up mainly due to exploration of deep horizons. According to the results of a comprehensive study of 15 sedimentary basins of Kazakhstan carried out in recent years, deep geologic resources of the Caspian depression are estimated at 67 billion tons of oil equivalent and 27 billion tons of recoverable oil. 

Mr. Karabalin added that Kazakhstan as part of the international consortium will start implementation of a new major oil project "Eurasia" in the Caspian Basin worth $ 500 million.