Azernews.Az

By Sara Rajabova

Kazakhstan plans to spend more than 3.2 billion tenge (around $17.6 million) for oil and gas exploration this year.

“In 2015, 3.260 billion tenge will be allocated from the national budget and the National Fund for new regional oil and gas exploration works,” Novosti-Kazakhstan reported citing Aset Isekeshev, the minister of investment and development.

The state will finance exploration works in the least explored territories where it is now problematic to attract investors, according to him.

Isekeshev also said his ministry continues to work on a geological map of Kazakhstan, adding that this year the map will be digitalized and include full information about the country’s oil and gas fields.

Uzakbai Karabalin, Kazakhstan’s first deputy energy minister said the energy ministry had now registered 203 contracts for the development of hydrocarbon resources, including 59 contracts for geological exploration, 64 contracts for production, 68 contracts for exploration and production, and 12 production-sharing agreements.

Since 2009 Kazakhstan has concluded 21 contracts for hydrocarbon production and signed 16 addenda to contracts to switch from exploration to production phase, according to Karabalin.

He added that the last year 212 exploration wells were drilled in Kazakhstan, and in 2015 the energy ministry expects that subsoil users will drill around 200 new exploration wells.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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