Azernews.Az

By Aynur Jafarova

Kazakhstan plans to allocate over 164 billion tenges to finance the national geological projects in 2015-2019, Bazarbay Nurabayev, the chairman of the Geology and Subsoil Committee under the Industry and New Technologies Ministry said on February 4.

"The basis of holding exploration operations is to examine available data of the previous years. Advanced methods will be used while conducting exploration works," he said at a press conference in Astana.

Nurabayev also noted Kazakhstan plans to introduce the Russian Bonitet system of historical costs calculation, which will allow reducing the period of determining the value of geological information from 240 days to one day.

A decree on amendments and additions to the rules for determining historical costs and the value of geological information has already been signed, he added.

Kazakhstan, one of the five Central Asian countries, is rich with hydrocarbon reserves. The county's largest hydrocarbon fields are Kashagan, Tengiz, and Karachaganak.

The oil production in Kazakhstan amounted to 81.7 million tons in 2013 which is 3.2 percent more than 2012. The forecasts show after 2020 around two million barrels of oil will be produced in Kazakhstan per day.

Kazakhstan plans to produce 83 million tons of oil, 41 billion cubic meters of gas, as well as to process 14.7 million tons of oil in 2014.

Kazakh Deputy Minister of Industry and New Technologies Nurlan Sauranbayev believes geological exploration works in Kazakhstan may lead to a great discovery in the sphere of raw materials.

Also, Kazakhstan's discovered and existing resources are big enough to supply it with oil and gas in the coming 40-50 years.