The geological exploration works in the Caspian depression as a part of the Eurasian energy project will begin in 2015 and their cost will total almost $500 million, said Baltabek Kuandykov, President of the Kazakhstan Society of Oilmen-Geologists.
“The resources of the Caspian Sea basin and especially the Caspian depression have been estimated by the independence scientific-research institutes of Russia at 40 billion tons of conditional fuel. We forecast that there are almost 20 big fields have the hydrocarbon resources over 300 million tons,” Kuandykov said at the session of the round table “New Possibilities of Geological Exploration in Kazakhstan. Eurasian Project” in Astana on Tuesday.
He added that “one third of the Caspian depression belongs to Russia and two thirds and maybe slightly more is owned by Kazakhstan.”
“We have spoken with the Russian geologists and geophysicists as well as officials and we have come to conclusion that the Caspian Sea basin must be studied as a single geological basin,” Kuandykov said. He explained that “Eurasian project is planned to be implemented to study the potential resources of the region.”
“The first stage is collection and processing of the geological and geophysical materials of previous years, the second stage is conducting wide-scale geophysical study of new regional profiles and the third stage is drilling of a new parametrical well Caspian 1. According to our preliminary estimates, the geological exploration works of the above-mentioned three stages will total almost $500 million,” Kuandykov said.
He said the depth of the Caspian 1 well in the central part of the depression will be about 14-15 km.—0--
Economics
-
Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
-
Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
-
Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
-
The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
Leave a review