KazMunayGas, Ministry of Ecology and Kazgeology to Work on Attracting Foreign Investments
A cooperation agreement was signed on 19 March 2021 between JSC NC "KazMunayGas", the Ministry of Ecology, Geology and Natural Resources of the Republic of Kazakhstan, and National Geological Exploration Company Kazgeology JSC.
The parties will work together to attract investments for performing exploration works in order to assess hydrocarbon reserves in underexplored sedimentary basins of Kazakhstan. The agreement will be instrumental in consolidating efforts and in defining areas for geological research and exploration. Foreign investments will be of help not only in increasing the exploration maturity of Kazakhstan's territory, but also in replenishing its mineral resource base.
It is noted that all conditions are currently in place for new research of the national subsoil reserves. In respect of hydrocarbons alone, Kazakhstan's geologists have identified 15 sedimentary basins with forecast resources of some 76 billion tons of reference fuel.