U.S. Chevron, U.K. Shell and Chinese companies Sinopec and CNOOC have expressed interest in establishing a new consortium for geological exploration in Kazakhstan. The projected investment is around $500 million, KazMunayGas First Deputy CEO Kurmangazy Iskaziyev told LS.
The companies are considering not only seismic surveys but also drilling exploration wells to depths of 5.5 to 10 kilometers. For comparison, Iskaziyev said the deepest wells at major oil fields currently reach 5.5 kilometers.
«Western companies Chevron and Shell, as well as the two Chinese companies Sinopec and CNOOC, have expressed interest in participating. We are considering not only seismic surveys but also subsequent drilling of exploration wells,» Iskaziyev told LS.
He said negotiations with ministries were also underway on 23 projects, each involving separate investments. Capital investment in drilling itself will be higher, while the approximately $500 million figure represents the preliminary investment envisaged under the new consortium.
According to LS, the consortium is expected to be established by the end of 2026.
All four potential members already operate in Kazakhstan and belong to other consortiums involved in developing major oil fields.
Kazakhstan has more than 350 hydrocarbon deposits. Most oil fields currently under development are considered mature. Against this backdrop, Kazakhstan intends to expand geological exploration to maintain and further increase oil production.