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New oilfield discovered in Kazakhstan

New oilfield discovered in Kazakhstan

Nur-Sultan, June 25 – Neftegaz.RU. A fountain oil flow fountain appeared during geological exploration at the Bekturly Vostochny exploration block in the Mangistau region in western Kazakhstan, Kazakh state oil and gas KazMunayGas (KMG) said on June 23.

The fountain oil inflow erupts at a rate of up to 100 cubic metres per day and was obtained according to the results of high-tech seismic surveys, KMG said.

In addition, oil was obtained at previous test sites. “At present, a set of studies is ongoing with the aim of obtaining additional information about the properties of oil and gas on the horizon,” KMG said.

The project operator in the Vostochny Bekturly section is Becturly Energy Operating, a jointly controlled organisation of KazMunayGas (50%) and Kokel Munai (50%).

According to the agreement, KMG’s partners take on the costs of geological exploration and if the exploration is positive, then the company returns the funds spent, producing oil.

Just a month ago KazMunayGas announced that it will not enter an IPO in 2020 due to the crisis in the oil and financial markets. In connection with the changing situation in the global oil market and global financial markets, the company is now reviewing the terms for the IPO.