KazMunayGas (KMG) has provided an updated timeline for the Zhyloi Carbonate Platform exploration project, confirming that comprehensive geological and geophysical studies will continue through 2030. The hydrocarbon accumulation on the platform, which industry observers have dubbed a potential 'second Kashagan,' represents one of Kazakhstan's most significant emerging upstream prospects.
The project currently sits at the regional geological and geophysical exploration phase, with preparations underway for seismic operations. KMG has completed analysis and reinterpretation of historical geophysical data, identifying a prospective zone that warrants further investigation. The state oil company emphasizes that these remain forecast resources pending confirmation through active exploration work.
According to preliminary assessments, the geological potential of the Zhyloi Carbonate Platform could reach up to 20 billion tons of oil equivalent. This substantial figure has attracted attention from major international oil companies, though KMG notes that resource estimates will be refined as seismic surveys and exploratory drilling progress.
"A minimum work program, including seismic prospecting and deep well drilling, is planned through 2030. The results will show whether additional exploration work goes ahead," KMG stated in its response to media inquiries.
The exploration campaign faces significant technical challenges, as surveys must cover extensive areas at considerable depths. These complexities mean commercial production timelines remain premature to discuss. Investment requirements have not yet been determined, with costs to be calculated once seismic survey planning is finalized and deep well designs are developed.
KMG indicated it will initiate seismic prospecting using its own capital, while keeping the door open for strategic partnership arrangements. "The drilling point will be determined, and the deep well design will be developed. The well's drilling cost will then be calculated based on the design," the company explained.
The project has generated strong interest from international majors, following earlier reports that a large carbonate massif comparable in scale to the Kashagan field had been identified within Kazakhstan's territory.