Kazmunaigas to spend about $5 billion for geological exploration

Kazmunaigas plans to spend about $5 billion for the intensification of exploration works, the country’s Energy Minister, Vladimir Shkolnik reported at the joint meeting of the Council on Economic Policy in Majilis on Tuesday.

"The increase in the production of strategic raw materials is the most important task for the country given the current competition on the markets. At the same time, we see a reduction in the price of the main raw materials. In this regard, the priorities are the expansion of the hydrocarbon resource base, the increase of the existing fields efficiency, the preparation of the domestic industry to new conditions, requiring a serious investment approach,"- said Vladimir Shkolnik.

"In the next three years, the national operator Kazmunaigas plans to spend about $5 billion for the intensification of the geological exploration to provide the growth of proved reserves from 823 million tons to 1.4 million tons in 2022," - said V. Shkolnik.