Kazakhstan to continue working on ambitious ‘Eurasia’ project

As the press service of the Ministry of Energy informed, on April 14, 2016 there was held a roundtable meeting with the participation of parliamentarians, governmental officials and representatives of the world’s major oil and gas companies. The meeting participants expressed their keenness on the project.

“Discussions and consultations with oil and gas companies continued after then. A databank for the companies interested in the project was developed. Under terms of confidentiality, these companies received an access to the databank in October 2016. The first talks with interested oil and gas companies on establishment on an international consortium and terms of cooperation on the ‘Eurasia’ project are scheduled for Q1 2017,” the Ministry says.

As per the project’s goal, a 15km super-deep well will be drilled in the Caspian Lowland. The project is estimated at $500mln and its implementation period lasts till year 2020. The exploration will cover the territories of Atyrau, West Kazakhstan and Aktobe regions and adjusting regions of Russia – Astrakhan, Volgograd, Saratov and Orenburg regions.

From the Kazakh side, the initiators of the project are member of the Board of JSC KazMunayGas Uzakbay Karabalin, Advisor to Chairman of the National Bank Bolatbek Kuandykov and Director General of LLP PSA (belonging to JSC KazMunayGas) Kenzhebek Ibrashev. According to them, an international consortium will implement this project.

The initiators promised to find 20 large and promising oil and gas resources whose reserves exceed 200-300mln tonnes. If the prediction of Eurasia project’s reserves turns out to be right, its total reserves will hit even the reserves of Kashagan deposit.