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North Caspian Sea may hold large oil reserves: Vice Minister of Energy of Kazakhstan

02 october 2014, 21:33
Photo © tengrinews
Photo © tengrinews

Northern part of the Caspian Sea may contain significant oil reserves, Tengrinews reports citing the Vice Minister of Energy of Kazakhstan Magzum Mirzagaliyev.

According to Mirzagaliyev, a lot of work was done to launch the Kazakh-Russian Eurasia project that will involve drilling of test wells. “Computer modeling of 15 sedimentary basins was made. Results of the computer modeling and our estimations indicate that the northern part of the Caspian Sea (shore) may contain significant oil reserves,” Mirzagaliyev said.

The Eurasia project was presented to President of Kazakhstan Nursultan Nazarbayev and President of Russia Vladimir Putin during this week's exhibition in Atyrau.

“At this stage the project is only a concept, but it has attracted attention of international companies as well as of Russian companies. It is necessary to conduct a thorough research and drill a 15 thousand meter deep appraisal well to confirm the computer modeling results,” the Vice Minister stated.

The initial cost of the exploration project, according to Mirzagaliyev, amounts to $500 million.

Earlier, President Nazarbayev said that Kazakhstan should not be concerned about “raw material” dependence, but should rather view abundance of the resources as a blessing. Kazakhstan and Russia, according to Nazarbayev, have enough oil and coal to continue developing traditional energy and to export raw materials abroad.

Reporting by Azhar Ashyrova, writing by Gyuzel Kamalova, editing by Tatyana Kuzmina


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