Atyraumunaigas, daughter company of Mangistaumunaigas JSC (owned by KazMunaiGas and Chinese National Petroleum Corporation (CNPC), is going to begin drilling of the first exploration well on Mahambet bloc located on the Kazakhstan shelf of the Caspian Sea, Kurmangazy Iskaziyev, deputy chairman of KazMunaiGas JSC, said at a press conference during the international oil and gas conference KIOGE-2013 in Almaty.
“We are going to drill the well on Mahambet bloc. We have determined the point of the well location on Mahambet with the depth up to 5 meters. We are ready. As soon as we find the drilling rig, we will start drilling at once,” he said. Iskaziyev added that lack of vacant drilling rigs in the Caspian Sea is a real problem.
He also said that exploration and evaluation works continue on H bloc on the Kazakhstan shelf of the Caspian Sea with involvement of KazMunaiGas and the point of location of another evaluation well has been determined there. The evaluation works are coming to the end on Zhemchuzhina section. The talks on Isatay bloc are in progress with the potential investor.
Atyraumunaigas JSC has started works on Mahambet and Bobek sections. The forecasted hydrocarbon resources on Mahambet section, which consists of 9 perspective fields, are estimated by geologists at 222 million tons of conditional fuel, including 114 million tons of conditional fuel on Mahambet structure.
Three sectors have been determined for development on Bobek field – Klavdiya, Yevgeniya and Yevgenia SV - as they have the most probable extractible oil resources of 32 million tons, reported http://www.oilru.com.--0--
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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