Kazakhstan will start implementation of the biggest oil project Eurasia in the Caspian depression worth $500 million as a part of the international consortium, Uzakbay Karabalin, Senior Deputy Minister of Energy of Kazakhstan, said today at the International Forum on the Geological Exploration.
He said the world realizes now that traditional light to extract oil is the matter of the past and as the experts believe the main new oil and gas resources are located on the depth between 7 and 15 km. The evidence of that could be discovery of beds in the Gulf of Mexico on the depth over 10 km. “If one would like to look at Kazakhstan through the prism of the above-mentioned, one can say that our achievements were based mainly on the fields of the Caspian depression, where 75-80% of hydrocarbon resources are located. However, after 15-20 years we expect reduction of production on the biggest fields Tengiz and Karachaganak,” Karabalin added.
Minister added that the resources could be replenished mainly at the expense of exploration of deep-lying horizons. According to the results of study of 15 sedimentary basins of Kazakhstan done in the past years, deep lying geological resources of the Caspian depression are estimated 67 billion tons of conditions fuel and extractible ones at 27 billion. Therefore, Karabalin believes that probability of growth of tripling resources is very high, writes Kazinform.
He said that the international five-year project named Eurasian worth about $500 million will be implemented to study the Caspian depression.
The project will be implemented within the framework of the international consortium, which has several effects. The directions of search for oil and gas will be made specific, Kazakhstan will accumulate advanced world experience of hydrocarbon geology and geophysics and it will also give an impulse to growth of Kazakhstan science-intensive technologies and development of advanced staff formation. “The planned drilling of the well will become a record for the world field,” http:///www.angi.ru cited Minister as saying.
