KazMunayGad to spend over $3.77 billion in next 5 years

The Kazakh National Oil and Gas Company KazMunayGaz plans to spent over $3.77 billion for geological exploration in 2012-2016, including 499 billion tenge for drilling 435 exploratory boreholes and seismological exploration on an area of 12,024 square km, News Kazakhstan reports.

The company says that over $2.5 billion was spent on drilling and seismological surveys in 2008-2011.

Activities will be held in such Kazakh areas of the Caspian Sea as N, Zhambyl, Satpayev, Mahambet, Bobek and others in 2012-2016. Work will start on such investment projects as Abay, Isatay, Shagala and Ustyug.

KMG head Bolat Akchulakov said at a session of the KMG Group in Astana that special attention will be paid to staff training, development of new research and monitoring of realization of projects. The session rounded up activities in 2011 and considered plans for 2012-2016.