Kazakhstan to announce bidding contests for geological exploration at 8-9 oil blocks this year

Bidding contests for geological exploration at 8 oil blocks are to be held this year, Tengrinews.kz reports, citing the country’s Oil and Gas Minister Uzakbai Karabalin as saying at a press-conference following the sitting of KAZENERGY petroleum association. “Last year after a moratorium on geological exploration was lifted Kazakhstan held bidding contests for geological exploration at 3 oil blocks. Another 8-9 oil blocks are to be explored starting from this year”, Mr. Karabalin said. According to him, many companies are willing to contribute to exploring oil reserves in Kazakhstan. “Geological exploration in the longer run is a way to boost oil resources to be further developed in Kazakhstan”, he said. Earlier Malik Salimgereyev, Samruk-Kazyna Sovereign Wealth Fund Managing Director, told a briefing that KazMunaiGas National O&G Company plans to invest about $4.5 billion into geological exploration operations from 2014 to 2019. In line with KazMunaiGas’ strategy, the company’s proven reserves of oil and condensed gas should stand at 1.413 billion tons as compared to 789.6 million tons as of the end of 2013. “To this end, about $4.5 billion is to be invested into geological exploration within the following 5 years”, Mr. Salimgereyev said.