ALMATY, Sept. 18 (Xinhua) -- Kazakhstan has allocated 600 billion tenge (1.35 billion U.S. dollars) over the past five years for geological exploration to identify new oil and gas reserves, the Kazinform news agency reported Friday, citing the country's Energy Ministry.
The ministry noted that reserves of "light oil" and those at well-explored sites are declining. As part of a geological exploration program for 2026-2030, a portfolio of 23 projects at various stages of geological study has been formed to identify new reserves, it added.
The most promising areas include subsalt formations in the Caspian Basin, deep-lying and Paleozoic formations, as well as relatively unexplored territories, the ministry said.
Kazakhstan currently has 190 oil fields under development, with recoverable balance reserves of 4.26 billion tons and another 170 million tons of off-balance reserves. According to the ministry, the country's proven oil reserves are sufficient for about 55 years at the current production rate. ■