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№ 9 (September 2007)
At the KIOGE-2007 Uzakbai Karabalin, head of KazMunaiGas, has announced of the new hydrocarbons discovered in the “Pearls” project.
One of the big news was the announcement of Uzakbai Karabalin about the hydrocarbons discovered in the course of drilling the first exploration well, Khazar-1, in the “Pearls” project framework.
"According to preliminary data given by core samples and geotechnical prospecting, oil and gas beds were discovered and their potential is going to be specified in the course of future research, announced Uzakbai Karabalin, the president of KazMunaiGas, at the conference during his report "Combining the interests of the state and the business". - Traces of hydrocarbons found in the “Pearl” structure are another proof of the high potential of the Kazakhstan sector of the Caspian Sea. We hope that the following exploration and evaluation works will confirm our expectations.
The site is controlled by Caspiy Meruerty Operating Company, B.V., a joint operator founded by KazMunaiTeniz, Shell Exploration Production Offshore Ventures and Oman Pearls Company.
Uzakbai Karabalin also noted in his speech that KazMunaiGas, as a 100% state company, is fully aware of its responsibility for the effective work of the oil and gas sector of the Kazakhstan Republic and its influence on the sustainable development of the national economy.
“Given the global trends and the operation experience of our company, today our activity is based on the three main elements, - as the head of the company noted. – Firstly, dynamic growth of the key parameters, among them production, transportation and processing of the hydrocarbons. Secondly, forming a safety margin and new development incentives by implementing the major promising projects. Thirdly, providing a synergy effect for the growth of economy’s competitiveness through the development of respective sectors, implementation of innovative technologies, modern management standards and social responsibility of the business”.
The Pearls contract area is located in the North Caspian sector approximately 90km from Bautino (Mangistau Region). Exploration drilling was conducted by the jack-up rig “Astra”.