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Eurasia geological project costs $500 million

29 october 2013, 16:05
0
©RIA Novosti
©RIA Novosti
Implementation of Eurasia project of onshore and offshore exploration of deep horizons of the pre-Caspian basin will require $500 million, Tengrinews reports citing president of Kazakhstan Oilmen-Geologists Union Baltabek Kuandykov as saying at the round-table meeting called New Geological Exploration Capacities in Kazakhstan. Eurasia Project.

“We called the project Eurasia because this territory is located right at the border of Europe and Asia. The idea was circulating among geologists of Kazakhstan, Russia and oil companies for a long time. The project includes three stages. The first stage involves collection and processing of old materials. The second one will include a large-scale exploration effort. And the last one will involve drilling of a new stratigraphic parametric well Caspian-1. The target depth is expected at 14-15km. The approximate cost of the three stages is around $500 million,” Kuandykov said.

According to him, the experts estimate the resource potential of the Caspian region, especially the pre-Caspian basin, at around 40 billion tons of conditional fuel. “We foresee here around two dozens of major hydrocarbon fields with over 300 million tons of reserves,” he said.

The project is suggested to be implemented by a new consortium of major oil companies interested in this program, he explained. They will jointly prepare the exploration program and provide funding for the program. The project will be managed by Kazakhstan. The project’s participants will attract highly-qualified experts, provide up-to-date technologies and train Kazakhstan experts. Export of the obtained geological information outside Kazakhstan will be done only upon obtaining a permit of the competent authorities of Kazakhstan and all initial materials will be stored in a Kazakhstan data center.

According to him, the project is mainly aimed at exploring the deep geological structure of the region to discover new large deposits of hydrocarbons, as well as to define patterns of their bedding at large depths.

“What is the role of the Kazakhstan government in the project? The government has unlimited rights to the initial materials and the competent authorities will provide unrestricted access to all the materials on the region. The works are expected to start in 2015. By that time we plan to form a inter-authority commission that will report on the course of the project’s implementation. There will be a special group for negotiations with potential participants of the project. We have to select international consultants by the end of 2013. The project itself is expected to be implemented in 2015-2020,” the speaker said.


By Baubek Konyrov


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