The world’s oil and gas giants together with the Kazakh companies will begin to study the depths of the Caspian trench. The goal of the survey is to explore a new large hydrocarbon deposit.

 

KANAT BOZUMBAYEV, KAZAKH ENERGY MINISTER:

Possible reserves of the Caspian trench of deep horizons can reach 50 billion tons of hydrocarbon raw materials.

 

The Kazakh companies will conduct geological exploration and drill wells with foreign companies. A memorandum on the implementation of the Eurasia international oil consortium has already been already signed. A number of oil-producing countries will join the consortium.

The project doesn’t have an analogue. Oilmen will have to drill a 10-15 kilometers deep well.

 

UZAKBAI KARABALIN, DEPUTY CHAIRMAN, KAZENERGY:

- This is a very ambitious task. Today there is no other oil well like this in the world. We hope that this project will allow us to further develop the depths of the Caspian trench.

 

The area of the trench covers the northern part of the Caspian Sea. Today, it produces 80% of Kazakhstan's oil. Part of the deposit is located on the territory of Russia. In this regard, the agreements on cooperation have been reached with the Russian counterparts.

 

BALTABEK KUANDYKOV, PRESIDENT, OIL COMPANY:

- We had spent nearly 20 years to produce oil in Kashagan field and 15 years in Tengiz field. Therefore, there won’t be much production in the future. The project is oriented approximately for 6 years.

 

By developing the petroleum industry, Kazakhstan pays no less attention to green technologies. Today the country has 50 wind and solar power plants. The European Bank for Reconstruction and Development (EBRD) plans to invest US$200 million in Kazakhstan for the development of renewables.

 

KANAT BOZUMBAYEV, KAZAKH ENERGY MINISTER:

- Today, in average we signed agreements for more than 700 megawatts of renewable energy capacity.

 

The renewable power plants generate 300 megawatts of electricity. The new facilities will provide electricityto two cities of the size of Astana.

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