KazMunaiGas to spend hugely on geological exploration
By Aynur Jafarova
Kazakhstan's KazMunaiGas National Oil and Gas Company will spend
$5 billion on the geological exploration in the country in the next
three years, Kazakh Energy Minister Vladimir Shkolnik said at a
parliamentary meeting on October 21.
"This measure will ensure the growth of the company's proved
reserves of oil and gas condensate from 823 million metric tons to
1.4 billion metric tons in 2022," he added.
He also noted the expansion of the hydrocarbon resource base,
increase of the efficiency of the existing fields and preparation
of the domestic industry for new conditions are among the main
priorities of Kazakhstan's government.
In May 2014, the Kazakh government approved a geological
exploration program for 2015-2019. Based on the program, the
country would allocate 119 billion tenge (around $654 million) from
the state budget to conduct geological survey. This program is
believed to increase gold, copper and complex ores forecast
resources.
Kazakhstan also plans to attract large national companies and subsoil users to invest in geological exploration, as well as to establish a Geological Research Center which will lead to a substantial reduction in financial expenditure and time for processing geological materials by conducting analyses in the country.