Chevron, Shell and the Chinese companies Sinopec and CNOOC are discussing the creation of an international consortium to search for new oil deposits in Kazakhstan. The estimated investment in the project is about $500 million, and exploratory drilling could reach a depth of 10 kilometers.
The information was reported by the Kazakh media LS, which quoted Kurmangazy Iskaziev, first deputy chairman of the board of directors of the state oil company KazMunayGas. According to him, the four companies have expressed interest in participating in the future consortium.
„We are considering not only conducting seismic surveys, but also subsequent drilling of exploratory wells“, Iskaziyev said.Surveys along 60,000 linear kilometers
The plans envisage high-resolution 2D seismic along 60,000 linear kilometers. After processing the data, drilling in deeper geological layers can be started.
The project will explore possibilities for deposits at depths between 5.5 and 10 kilometers. For comparison, the deepest drilling in Kazakhstan's major oil fields, including Tengiz and Kashagan, reaches about 5.5 kilometers.
“Capital investments for drilling will be larger, and within the consortium the investment is about $500 million“, Iskaziev specified.
The consortium should be established by the end of 2026.
The consortium is expected to be established by the end of 2026. Chevron, Shell, Sinopec and CNOOC are already operating in Kazakhstan and are participating in other consortia to develop major oil fields.
Apart from this project, KazMunayGas is negotiating with Kazakh ministries on 23 more projects. They are financed separately and are not included in the previously planned $500 million.
Kazakhstan is looking for new deposits
Kazakhstan has over 350 hydrocarbon deposits. However, a significant part of the operating oil fields are in an advanced stage of exploitation. According to information cited by LS, in some of them nearly 70% of the reserves have already been extracted.
This increases the importance of new geological surveys for future production. The country relies on international companies with experience in developing large and complex deposits to search for additional resources and maintain oil production in the coming years.
Sources: money.bg, lsm.kz