Sunday, June 16, 2024
 
 

Kazakhstan invites Shell to invest in Caspian exploration

- Advertisement -

NUR-SULTAN, Kazakhstan – Kazakhstan’s Ecology, Geology and Natural Resources Minister Magzum Mirzagaliev met on 23 January with Shell Kazakhstan Country Chair Olivier Lazare and invited the Royal Dutch company to consider the possibility of investing in geological exploration in the Caspian basin.
“I met with the head of Shell Kazakhstan Olivier Lazare. I invited Shell to actively cooperate,” Mirzagaliyev wrote on his Twitter page. “We agreed to consider the possibilities of investing in geological exploration in the Caspian basin and poorly studied basins, including the ‘Eurasia’ project,” the minister added.
According to him, the parties decided to create a joint working group.
Initially, the interested companies included: KMG-Eurasia LLP, Russia’s Rosneft, Azerbaijan’s SOCAR, NEOS Geosolutions, China’s CNPC and Italy’s Agip Caspian Sea, however, a year later Rostneft and NEOS Geosolutions left the group and were replaced by Shell.
According to the Eurasia project, it is planned to conduct research and drilling at a depth of 15 kilometres in the Caspian basin. The estimated cost of the project is $500 million and is expected to be implemented in 2020.
In October 2013, Kazakhstan presented the Eurasia project to study the Caspian territory for the discovery of new deposits. According to geologists, in the central part of the Caspian depression there can be six to seven subsalt structures with recoverable reserves of more than 200 million tonnes of oil and a cost of more than $20 per barrel.
According to Kazakh experts, Kazakhstan’s hydrocarbon reserves can double by the results of the Eurasia project, which provides for the exploration of deep-lying horizons of the Caspian Basin.
In total, about 200 oil and gas fields are located in Kazakhstan, the total reserves of which are estimated at 11-12 billion tonnes. Almost 70% of these resources are concentrated in the western regions of Kazakhstan, the main oil veins are Kashagan, Karachaganak and Tengiz.

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

Genocide Rears its Ugly Head in Sudan’s Brutal War

The UN Security Council has called for a halt...

Trans-Caspian International Transport Route platform launched in Astana

In a major step forward for regional transport coordination,...

Berlin Ukraine Recovery Conference

Although partially overshadowed by urgent Ukrainian requests for emergency...

EU-Central Asia discuss security challenges, joint cooperation

The European Union and the five Central Asian Deputy...

Don't miss

Genocide Rears its Ugly Head in Sudan’s Brutal War

The UN Security Council has called for a halt...

Trans-Caspian International Transport Route platform launched in Astana

In a major step forward for regional transport coordination,...

Berlin Ukraine Recovery Conference

Although partially overshadowed by urgent Ukrainian requests for emergency...

EU-Central Asia discuss security challenges, joint cooperation

The European Union and the five Central Asian Deputy...

Manila rejects Beijing’s South China Sea demands as “absurd”

The Philippine Coast Guard accused its Chinese counterpart on...

Trans-Caspian International Transport Route platform launched in Astana

In a major step forward for regional transport coordination, Kazakhstan’s capital Astana hosted the launch June 12 of a new coordination platform for the...

Berlin Ukraine Recovery Conference

Although partially overshadowed by urgent Ukrainian requests for emergency help with its immediate air defense needs, as well as political shockwaves emanating from the...

EU-Central Asia discuss security challenges, joint cooperation

The European Union and the five Central Asian Deputy Foreign Ministers discussed common security challenges and joint cooperation to deepen ties between the two...

World Oceans Day calls for action to protect coastal communities and marine ecosystems

UN World Oceans Day, which is officially on June 8, was celebrated on June 7 at UN Headquarters in New York, focusing on protecting...

U.S.-Kazakhstan Enhanced Strategic Partnership Dialogue deepens political and economic ties

The sixth annual United States-Kazakhstan Enhanced Strategic Partnership Dialogue (ESPD) was held in Washington D.C. on May 31.The U.S.-Kazakhstan Enhanced Strategic Partnership Dialogue was...

Interview: EU and Turkmenistan are getting closer

NE Global sat down exclusively with Sapar Palvanov, Ambassador of Turkmenistan to the Kingdom of Belgium, also accredited as the head of the Mission...

Azerbaijan, Kazakhstan, Uzbekistan open path for integrating energy systems with the EU

On May 1, during the Tashkent International Investment Forum in Tashkent, Azerbaijan, Uzbekistan and Kazakhstan signed a memorandum of cooperation on merging the energy...

COP29 in Azerbaijan to focus on peace, climate finance, green issues

During this year’s United Nations climate conference COP29, host-country Azerbaijan will strive to act as a bridge-builder between all members of the international community,...