First signs of raw hydrocarbons found on 'N' Block of Kazakh sector of Caspian Sea - KMG

18:59, 24 January 2011

ASTANA. January 24. KAZINFORM /Kanat Kulshmanov/ The first signs of raw hydrocarbons were found on the "N" Block of the Kazakh sector of the Caspian Sea shelf. Chairman of the Board of KazMunayGas National Company JSC Kairgeldy Kabyldin has announced it at a press conference in Astana.

"The first exploratory drilling has been held today. I can briefly say - we have found features of hydrocarbons", he said to journalists.

"Today we have no rights to comment, but first signs were positive, and we are hopeful of success in this project", K.Kabyldin emphasized.

The Head of KazMunayGas added that participants of this project can declare a commercial discovery only after completion of the exploration drilling program.

The "N" Block is located 30 kilometers southwest offshore of Aktau, Kazakhstan's port in the Caspian Sea. The Block covers approximately 8,100 square kilometers and is considered highly prospective for both oil and gas. This field has some 630 million tons of geological resources with recoverable resources estimated at about 270 million tons.

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