Kazakhstan to Drill 80 Exploration Wells in 2024, Invest $453 Million

Kazakhstan plans to drill 80 exploration wells in 2024, including at the Turgai-Paleozoic site, which reaches a depth of 5,500 meters, and the Abai offshore structure in the Caspian Sea, according to Vice Minister of Energy Askhat Khasenov. The country is increasing its exploration investment from 135.7 billion tenge ($305.3 million) in 2022 to 152.4 billion tenge ($345 million) in 2024, a 12% increase. Annual exploration investments are expected to reach 200 billion tenge ($453 million).

The drilling activities aim to uncover promising structures for oil and gas extraction to counteract the annual decline in oil production, particularly in the Kyzylorda Region. Additional deep well drilling projects are planned at sites such as Karaton Podsolevoy, Adai block, Maksat structure, Sai-Utes, and Block A.

Why this matters: Kazakhstan's increased investment in oil and gas exploration demonstrates the country's commitment to maintaining its position as a major energy producer. The discovery of new oil and gas reserves could have significant economic implications for Kazakhstan and impact global energy markets.

Vice Minister Khasenov emphasized the importance of these exploration efforts, stating, "The drilling of 80 exploration wells in 2024, including at the Turgai-Paleozoic and Abai offshore sites, is vital for uncovering new oil and gas reserves. Our annual exploration investment of $453 million reflects Kazakhstan's dedication to ensuring a stable energy future." As Kazakhstan continues to explore its vast territory for hydrocarbon resources, the country's energy sector is poised for potential growth and development in the coming years.

Key Takeaways

• Kazakhstan plans to drill 80 exploration wells in 2024, a 12% increase in investment.
• Drilling targets include the Turgai-Paleozoic and Abai offshore sites in the Caspian Sea.
• Annual exploration investments are expected to reach $453 million to uncover new reserves.
• Additional deep well drilling projects are planned at sites like Karaton Podsolevoy and Adai block.
• The exploration efforts aim to counteract the annual decline in oil production in Kazakhstan.