Kazakhstan Expects Eurasia Caspian Exploration Project Decision by Summer

Kazakhstan hopes to actively participate in the exploration potential "Eurasia" project in terms of data provision, Kazakh Energy Minister Kanat Bozumbayev said Thursday.

ASTANA (Sputnik) – Kazakhstan expects to receive a response from potential "Eurasia" project members on the survey and exploration of hydrocarbon deposits in the Caspian Depression by late May, Kazakh Energy Minister Kanat Bozumbayev said Thursday.

Bozumbayev noted that the Kazakh government approved a list of discounts and preferences as its starting negotiating position with potential "Eurasia" partners in October 2015.

"We are well aware that a decision to participate in such a complex project requires a certain amount of time, so addressing the potential participants in the consortium, I want to say that we look forward to your decision before the end of spring, which is before the end of May," he said at a roundtable.

The energy minister noted that state-owned KazMunayGas company, jointly with the government geology and subsoil use committee, was in preliminary talks with potential participants on a range of issues.

"We are open for discussion and proposals from potential ‘Eurasia’ project participants. We are in active dialogue with our Russian partners, the Ministry of Natural Resources and Environment. As recently as yesterday, I spoke on this subject with the leadership of the ministry, Minister [Sergei] Donskoi," Bozumbayev said.

The "Eurasia" project aims to explore over 3 miles of land and sea of the Caspian Depression in Kazakh and Russian territory to study the region’s deep geological structure and find vast hydrocarbon deposits. The project also aims to develop innovative drilling technologies of ultra-deep wells at a depth of up to 9.3 miles.