U.S. Chevron, Britain's Shell, and China's Sinopec and CNOOC have expressed interest in forming a new exploration consortium in Kazakhstan. The proposed investment in the consortium is estimated at about $500 million, according to infohub.kz.
The announcement was made by Kurmangazy Iskaziyev, first deputy chairman of the board at KazMunayGas, LS reports.
According to him, the companies are considering not only seismic surveys but also subsequent drilling of exploration wells. Their depth could range from 5.5 to 10 km. For comparison, the maximum depth of wells at major fields currently reaches 5.5 km.
"Western companies Chevron and Shell, as well as two Chinese companies – Sinopec and CNOOC – have expressed a desire to participate. We are considering not only seismic work but also subsequent drilling of exploration wells," Iskaziyev said.
He noted that negotiations are also underway with ministries on 23 projects that involve separate investments. At the same time, capital expenditures directly for drilling will be higher. The approximately $500 million is the estimated investment within the new consortium.
According to the publication, the consortium is planned to be created by the end of 2026.
All four potential participants already operate in Kazakhstan and are part of other consortia developing major oil fields.
In total, the country has more than 350 hydrocarbon fields. Most of the oil fields under development are considered mature. Against this backdrop, Kazakhstan intends to expand exploration work to maintain and further increase oil production.