Kazakhstan Advances Geological Industry with New Approaches 

ASTANA – Kazakhstan is enhancing its geological industry by implementing innovative strategies to boost efficiency and transparency in natural resource extraction and exploration. Yerlan Akbarov, chairman of the geology committee at the Kazakh Ministry of Industry and Construction, revealed during an April 4 press briefing at the Central Communications Service that the nation currently boasts oil reserves totaling 4.4 billion tons.

Photo credit: nsenergybusiness.com

Akbarov detailed that among these reserves, C1 category oil reserves earmarked for processing stand at 2.9 billion tons of existing subsoil user reserves, while domestic oil reserves are estimated at 78 billion tons. He emphasized scientific projections indicating that reserves are expected to reach approximately one trillion tons.

To confront modern challenges, Kazakhstan is making advancements in the geological sector, implementing fresh methodologies and tactics to enhance efficiency and transparency in resource extraction and exploration.

Kazakhstan celebrated two prosperous auctions for 74 subsoil areas in the preceding year, with bonus signings nearing 3.5 billion tenge ($7.8 million). This success underscores the keen interest of businesses in investing in Kazakhstan’s mining industry.

An auction for 23 returned fields is slated to be held by the conclusion of June, alongside 83 reserve fields designated for auction.

Akbarov highlighted that the era of large deposits is waning, prompting Kazakhstan to delve into the study of intricate “blind deposits” situated at depths of hundreds and thousands of meters.

Addressing gold mining, he revealed that Kazakhstan currently holds geological reserves of 2,300 tons, with an annual production of 90 tons. These reserves are projected to last for 20-25 years, with forecasts suggesting a total gold reserve in the country amounting to 20,000 tons.

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