News 2017
February 2017Eurasia
Kanat Bozumbayev, Minister of Energy, held a first round of negotiations with the potential participants of the international project Eurasia - NC KazMunaiGas JSC, ENI, Rosneft, CNPC, SOCAR, NEOS Geosolutions, reported the press service of the Ministry. According to the statement, "participants highly appreciated the prospects of the project and they expressed an intention to conclude a memorandum of understanding, with the purpose of negotiations regarding the establishment of the Consortium and preparation of the contract for geological study".
"It is expected that the long-term implementation of the project will allow: firstly, to ensure the stable resource base - so called “strategic reserve "of hydrocarbons for the oil and gas industry; secondly, to avoid the production decline, which may happen in 15-20 years; thirdly, it will become a basis for energy security of the country, protection mechanism in case of possible economic shocks”, stipulates the statement. According to experts, the prospects of a significant increase in the resource base are associated with the exploration of deep horizons, resulting in a probable discovery of the large hydrocarbon accumulation.
The Ministry of Energy notes that justification and organization of geological exploration works will require to conduct the preliminary large-scale works on geological study. As previously reported, KMG-Eurasia LLP was established by the decision of the Board of Directors of NC KazMunayGas JSC on September 22, 2016.
It is planned to propose an international consortium as a priority organizational form of cooperation within the project. According to KMG, the interest in Eurasia project was expressed by Eni, Rosneft, Chevron, CNPC, Burisma, T5, NEOS Geosolution, SOCAR and Rosgeologya. Formerly, KMG announced that an international consortium for Eurasia project will be established in 2017. In September 2014, the presidents of Russian Federation and Kazakhstan, launched the joint project Eurasia, which comprised drilling of the super deep well, 15 km in depth. As a result of drilling, it is expected to detect the accumulation of hydrocarbons at a depth of about 7-9 km in the region of the Caspian basin.