KazMunaiGas will spend $3 billion on geological exploration in 5 years

KazMunaiGas group of companies will invest 500 billion tenge ($3.4 billion) into geological exploration of promising blocks in the nearest 5 years, KazTAG reports citing KMG deputy chairman Kurmangazy Iskaziyev."KazMunaiGas national company has a clear vision on achievement of the tasks set forth in the long-term strategy. We are planning to perform a wide range of geological exploration works at a whole range of promising blocks. The company anticipates a significant increase of financing of geological exploration works: around 500 billion tenge in the nearest 5 years. This number, 500 billion tenge, is the total for KazMunaiGas group of companies, including affiliated and joint companies," he said.