OKIOC discovered oil reserves at Kazakhstan Caspian sea shelf (update)

/IRBIS, July 24, 00/ - According to the Reuters, OKIOC international consortium announced on Monday that it discovered oil reserves at the Eastern Kashagan structure of Kazakhstan Caspian sea shelf. The consortium mentioned that the drilling results are encouraging but additional explorations will be needed to determine reserves as a one of the largest in the world. The company's representative reported that they just drilled one well in the structure. The company planned drilling of another one well in the framework of exploration program. After this, they will implement development program. Earlier this year, Kazakhstan top-officials claimed that these reserves consisted of 7 bln tons (50 bln barrels). Nevertheless, the consortium is more cautious and it refrains from such announcements. As a result of drilling of the first oil well in Kashagan at 75 km on southeast from Atyrau, OKIOC discovered oil interval at a depth of 4,000 meters with sea depth of 3 meters. Total's depth of the well was 5,200. The testing of the site produced 600 c.m. of oil and 200,000 c.m. of gas at 32/64 connecting pipe. The gravity of discovered oil made up 42-44 API. Thus the oil is the most high-gravity oil of Caspian basin. The data show positive results and favourable for OKIOC and its shareholders. The company hopes of further outcome of exploration and assessment drilling. It was mentioned that the second drilling would start at the fourth quarter at 40 km. from the first well.