Kazakhstan Chamber of Commerce in the USA

KazCham


Kazakhstan announces plans for two oil and gas fields

Posted on January 17, 2016 by KazCham

Colibri Law Firm BI@colibrilaw.com

According to the Kazakh Ministry of Energy, Kazakhstan expects Russia to grant the subsoil use rights for the Caspian “Central” field in 2016, under previously established agreements.

The Central field is located within the Russian territory of the Caspian Sea, but its development must be conducted with the participation of Kazakh partners. It is estimated that reserves at the field total 169.1 million tonnes of equivalent fuel.

In October 2015, the presidents of Russia and Kazakhstan signed a protocol allowing the Russian government to issue a license for the geologic exploration and production of oil and gas at the Central field.

After obtaining the rights for subsoil use, Kazakhstan plans to carry out the design and survey work, as well as to assess the damage done to aquatic bio resources by engineering research at the field.

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