Kazakhstan's Ministry of Energy has announced an online auction. The ministry will put 24 oil and gas blocks up for auction. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
Applications are accepted until October 5 inclusive. They are accepted on the website of the electronic auction operator e-qazyna.
According to the terms, geological exploration work on subsoil blocks fully or partially located within the Caspian sedimentary basin must be carried out at depths up to 5 thousand meters.
Auction winners are obliged to develop a exploration work project within one year from the date of contract signing. They must also fulfill minimum requirements for 2D seismic survey within three years from the date of contract signing and minimum requirements for drilling at least one well within four years.