KazMunaiGaz plans to spend over $ 3.77 bn for exploration in the next 5 years

Dec 05, 2011 12:00 AM

The Kazakh National Oil and Gas Company, KazMunaiGaz, plans to spend over $ 3.77 bn for geological exploration in 2012-2016, including 499 bn tenge for drilling 435 exploratory boreholes and seismological exploration on an area of 12,024 sq km, News Kazakhstan reports.

The company says that over $ 2.5 bn was spent on drilling and seismological surveys in 2008-2011.
Activities will be held in such Kazakh areas of the Caspian Sea as Zhambyl, Satpayev, Mahambet, Bobek and others in 2012-2016. Work will start on such investment projects as Abay, Isatay, Shagala and Ustyug.

KMG head Bolat Akchulakov said at a session of the KMG Group in Astana that special attention will be paid to staff training, development of new research and monitoring of realization of projects. The session rounded up activities in 2011 and considered plans for 2012-2016.

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