Project «Eurasia» on exploration of hydrocarbons in Caspian Lowland launched

12:01, 1 June 2015

ASTANA. KAZINFORM - Implementation of "Eurasia" project of exploration of hydrocarbon resources in the Caspian Lowland has been launched. The estimated amount of oil is 60 billion tons, Minister of Energy of Kazakhstan Vladimir Shkolnik informed at the Parliament hearings.

"Based on the recent researched held by world's leading resources, we can say that the estimated amount of oil in the Caspian Lowland is about 60 billion tons," V. Shkolnik said.

According to him, the implementation of the project "Eurasia" provides for application of geological technologies and drilling of wells as deep as 15 kilometers. A number of world leading oil companies already expressed interest in this project. Currently, a consortium is being established and an issue fiscal and non-fiscal matter is being considered.

The Minister also noted that taking into consideration the Kashagan field and the project of "Tengizchevroil" JSC, the maximum oil production is going to fall at 2031 - 13 million tons. Then, gradual reduction is expected in 2040-2050.

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