Kazakhstan's Ministry of Energy is putting 24 oil and gas blocks up for electronic auction, the ministry said, APA-Economics reports, citing the Ministry.
"The Ministry of Energy of the Republic of Kazakhstan announces the holding of an electronic auction for the granting of subsoil use rights for hydrocarbons," the statement said.
According to the terms, the depth of geological exploration in exploration and production blocks located fully or partially within the Caspian sedimentary basin is limited to minus 5,000 meters.
According to the statement, the auction winners will be required to prepare an exploration project within one year after signing the contract, fulfill the minimum requirements for 2D seismic exploration within three years, and meet the minimum requirement of drilling at least one exploration well within four years.
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