Caspian oil and gas deposit estimated at 1 billion metric tons

The anticipated recoverable reserves of a Caspian Sea oil and gas deposit are estimated at 1 billion metric tons, a press release of the project’s joint venture said Wednesday. On Tuesday, Kazakhstan Energy and Mineral Resource Minister Vladimir Shkolnik, President of Kazakh KazMunaiGaz company Uzabak Karabalin and President of Russian state-owned oil firm Rosneft Sergei Bogdanchikov signed a production-sharing agreement on the development of the Kurmangazy field.

Under the agreement, contractors will assess the ecological impact of prospecting and drill two exploratory wells.

RIAN