KazMunayGas to spend over $3.7 billion in 2012-2016 on exploration works

KazMunayGas national Oil and Gas Company plans to spend over $3.7 billion in 2012-2016 on exploration works, including $3.3 billion for drilling 435 exploration wells and 3D exploration of 12 024 square kilometers, the Company’s Press Service reports December 2. According to the Company, in 2008-2011 a total of $0.82 billion was spent on geological exploration. In 2012-2016 the Company plans to expand drilling in the Kazakh sector of the Caspian Sea (at the N, Zhambyl, Satpayev, Makhambet, Bobek oil blocks) and to start works on new investment projects (Abai, Isatai, Shagala and Ustyurt). “The importance of stronger geological exploration service and new research cannot be overestimated. We need to toughen geological monitoring over large-scaled O&G projects”, the Press Service quotes KMG Head Bolat Akchulakov as saying at an extended KMG sitting on the Company’s plans for 2012-2016. KazMunayGas National Company is the owner of 44 oil and gas onshore fields in Mangistau and Atyrau regions. The production divisions of the company have been in operation for more than 90 years. The Company accounts for 65% of overall oil transportation, 100% of gas transportation, 50% of tanker transportation in Kazakhstan. 100 per cent of the Company’s shares belong to the National Sovereign Wealth Fund Samruk-Kazyna.