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

Don't miss

How the arrest of a French politician carries lessons for Brussels

A French senator caught smuggling 22 kilos of tobacco...

Go West: Azerbaijan boosts energy projects that connect Caspian region with Europe

As energy demand grows fueled by AI and vehicle...

What to do about Nord Stream?

German Chancellor Friedrich Merz told a press conference with...

Go West: Azerbaijan boosts energy projects that connect Caspian region with Europe

As energy demand grows fueled by AI and vehicle electrification, Azerbaijan is actively developing new interconnections with the West, especially for green energy exports,...

What to do about Nord Stream?

German Chancellor Friedrich Merz told a press conference with Ukraine’s President Volodymyr Zelensky in Berlin on May 28 that his government will do everything...

U.S. – Venezuela standoff continues amid growing pressure

The standoff between the U.S. and Venezuela over a number of open issues is slowly reaching the boiling point, while Secretary of State Marco...

United Kingdom and the Republic of Mauritius resolve the Chagos Islands issue

The United Kingdom agreed on May 22 to transfer sovereignty of the Chagos Islands to Mauritius, after a last-minute legal challenge was thrown out...

In search of jobs and treasure: Trump’s first overseas jaunt takes a distinctly commercial angle

U.S. President Donald Trump completed a four-day tour of the Middle East on May 13-16, visiting Saudi Arabia, Qatar, and the United Arab Emirates....

EU Commission plans Russian gas phaseout as MEPs propose easing pre-winter storage targets

Ensuring gas supply security ahead of the winter season, the European Parliament approved in Strasbourg on May 8 the Commission's proposal to extend the...

U.S.-China tariff struggle, Iran issue affect energy demand, oil prices

International Energy Agency (IEA) Executive Director Fatih Birol said on April 23 oil prices may decline further this year due to slow demand growth...

Back to the 1970s: Flared trousers and tank tops. Is this the result of Trump’s tariff tantrums?

There are somewhere some dreadful photographs of this author wearing what we all once thought were the height of fashion and style. Generally, that...