Presentation of Amangeldy gas field development in Astana

/IRBIS, Apr 12, 01/ - The GSRW informs, that a presentation of the Amangeldy gas field development project was held in Astana today. The event was attended by Kazakhstan's First Vice Prime Minister Daniyal Akhmetov. This year the government allocates $20 mln for the field development. In 2001-2002, over $142 mln will be further invested in the project. Kazakh experts expect over 600 million cubic meters to be supplied to the country's south region from 2003. "This sound figure is an initial one and is expected to be higher," said Mr. Akhmetov. (Next year over $120 mln will be invested). Specialists say there are several other prospects - like Pridorozhny and adjoining structures which have not yet been surveyed - in addition to the Amangeldy block. At the same time, Mr. Akhmetov believes it would be safe not to stop at the Amangeldy field and to pay attention to resources in the region of Jambyl. According to Mr. Akhmetov, investors consider Kazakhstan's market as attractive which is proved by the fact that representatives of over 53 companies and banks attended the presentation of the gas project. The government is taking risk by offering co-operation to any company which will invest in the field. "The Amangeldy field has been explored and we do not doubt the amount of reserves registered by the state commission. There are over 22 bln cubic meters of gas in the field," Mr. Akhmetov said. He believes additional exploration is necessary. It will comprise drilling of two commercial wells to study geological and commercial features of the field as well as seismic exploration of an area of over 100 square meters. The First Vice Prime Minister said if the Uzbek government had a clear and transparent price formation policy, it would be much easier for Kazakhstan to purchase gas from Uzbekistan. However, Kazakhstan faces sudden changes of price each year and that is why it has to develop its own fields. "Since we have gas fields and the feasibility study shows their high profitability, we will keep this policy," Mr. Akhmetov added.