Kazakhstan has struck new oil deposits in the Caspian Sea. Recently-appointed Oil Minister Uzakbai Karabalin said on 5 August that workers have located a significant deposit during exploratory work on the Zhambyl structure, being operated by a joint venture between KazMunaiGaz and a Korean consortium led by national player KNOC.
Assessment of reserves is ongoing, Karablin said, but “now one can talk about the discovery of a new deposit”, which he called a “joyful development”. The joint venture was established in 2008: Statoil had also been interested but withdrew as part of its Caspian retrenchment plans.
The announcement is good news for the Korean consortium as well as for Karabalin, who was appointed last month. Boosting exploration is a priority for the Oil Ministry as well as KMG as part of a plan to dramatically increase the reserves on the national company's balance sheet in the next few years.
Karabalin revealed the news at a meeting with President Nursultan Nazarbaev, where he also said that Kazakhstan produced over 40 million tons of crude in the first half of the year.
© 2013 Menas Associates
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