Kazakhstan believes Caspian Sea has 50 bln tons of hydrocarbon resources

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    Big oil and gas companies around the world, together with Kazakh companies will start exploration in the Caspian Sea sediment.

    Report informs referring to Kazakh media, main purpose of this research is to investigate an area with supposedly 50 bln tons of crude hydrocarbon reserves.

    According to forecasts, oil production in Kazakhstan’s largest fields will decline in next 30-40 years, and volume will not be as high as today.

    Commenting on the issue, Kazakh Energy Minister Kanat Bozumbayev said that it is too early to speak about it yet.

    But this assumes that there are 50 bln tons of hydrocarbon reserves in the area.

    The minister also noted that Kazakh companies will work with foreign companies within the forthcoming Eurasia consortium and wells will be drilled at 10-15 km deep in the country.

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