Kazakhstan to hold first tender for Caspian block in 2004

Apr 01, 2004 02:00 AM

Kazakhstan plans to hold the first tender for the development of new oil blocks in its sector of the Caspian Sea in 2004, First Deputy Energy and Mineral Resource Minister Baktykozha Izmukhambetov told.
He said that at the moment work is being carried out under a program for the development of the Kazakh sector of the Caspian Sea, which was confirmed last year.

Last May Kazakh President Nursultan Nazarbayev signed off on a three-phase state program for the development of hydrocarbon resources in the Kazakh sector of the Caspian in the period until 2015.
During the first phase, in 2003-2005, conditions will be created for the complex development of hydrocarbon resources in the Caspian, during the second (2006-2010) development will speed up and during the third phase (2011-2015) production will stabilize.

This program will increase offshore production to at least 1200 mm tpy by 2015, with gas production increasing to 63 bn cm.
According to the optimistic version of the program, forecast investment in the development of the Kazakh sector of the Caspian in 2003-2005 will amount to about $ 6 bn, in 2006-2010 -- about $ 10.3 bn and in 2011-2015 -- about $ 15.6 bn. The minimum investment needed during the three phases is $ 2.8 bn, $ 7 bn and $ 11.4 bn respectively.

The first phase will include an evaluation of the potential of the Kazakh sector of the Caspian, the setting up of a unified national oil and gas database and the construction of infrastructure to support offshore operations. This phase will also involve putting together the best groupings of oil blocks for future tenders and establishing the key parameters of agreements. This phase will also include the holding of tenders, contract negotiations and the agreeing the route of an export pipeline.
The second stage will see growth in production and the development of infrastructure and the third phase will see production stabilize.

Kazakhstan produced 45.31 mm tons of oil and 6.08 mm tons of gas condensate in 2003, compared with about 47 mm tons of oil and condensate in 2002.

Source: Interfax Information Services
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