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Kazakhstan tests the market with new exploration round

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Report summary

On 20 August 2015, Kazakhstan’s Ministry of Energy (MoE) announced a list of 12 exploration blocks available for offer. The blocks are almost all located in core oil and gas provinces in western and central Kazakhstan. As a substitute to the familiar tendering process, the MoE may now grant exploration and production licences through signing bonuses based auctions. This auction is a noteworthy step for Kazakhstan. The need to unlock new reserves via onshore exploration has been an under-valued part of Kazakhstan’s long term energy strategy. Given the country’s reliance on its largest oil and gas projects, any exploration success would be a positive counterbalance to decline at mature onshore fields. This could be the start of a more positive period for onshore exploration, particularly if companies are willing to make counter-cyclical investments.

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    Kazakhstan tests the market with new exploration round

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Table of contents

  • UPDATE: 29 JANUARY 2016
    • Limited licence awards in recent years
    • New auction is gathering attention
    • A fast-tracked auction process could bring benefits
    • First step towards a long-term exploration strategy
    • For more information on exploration in Kazakhstan please visit:

Tables and charts

This report includes 2 images and tables including:

Images

  • Map of available blocks

Tables

  • 2015 licensing round: block overview

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