Max Petroleum finds oil pay in Kazakhstan

Max Petroleum has said that that electric logs and oil shows observed during drilling indicate potential oil pay zones in the UTS-1 exploration well on the Uytas prospect in Block A in Kazakhstan.

The electric logs and oil shows suggests potential pay zones in the well, including 8m of estimated net oil pay in the Jurassic formation between 331m and 339m in depth, and 6m of estimated net oil pay in the Triassic section between 785m and 800m in depth. The company said that the well has reached the total depth of 827m.

The electric logs and pressure data also indicate an estimated 16m of net oil pay in the shallower Cretaceous section as part of a potentially significant 86m oil column ranging from 60m to 146m.

The company expects to commence the testing of the well in approximately one month using a workover rig upon receipt of the required government approvals. Following the running of the production casing in the well, the ZJ-30 drilling rig will move on to drill the Sekir West prospect in Block A.

“We look forward to testing all three zones in order to verify commerciality of what we believe could be a significant post-salt discovery,” said executive co-chairman James A. Jeffs.

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© 2010 Menas Associates

Kazakhstan's seeking $100 billion in investments

Kazakhstan's Prime Minister Karim Massimov said the country is seeking up to $100 billion in investments over the next decade in order to better exploit its oil and gas sector, up crude exports and sustain economic growth.

"We are currently exporting 1.31 million barrels (of crude oil) a day and we aim to take it to 3 million barrels a day. KazMunaiGas (the national oil company of Kazakhstan) cannot do it alone. We are looking for partners for KMG's projects," said Massimov in an interview.

Kazakhstan is expected to sign a deal today [14th October] for $400 million in funds with Hong Kong based investors, including Cheung Kong. According to Massimov, the Kazakh government will contribute $100 million toward the fund, while the remainder will be supplied by its Hong Kong partners.

Additionally, the central Asian country is planning to list some of its mining and resources companies in Hong Kong said Massimove before adding, "We are looking at initial public offers of some of our mining and resources companies in Hong Kong. For Singapore (IPOs), we will start the negotiations”.

Source: Dow Jones

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