The submersible drilling rig "Caspian Explorer," a barge built by Daewoo Shipbuilding & Marine Engineering, has been used in the latest exploration. The 1,935-square-kilometer Zhambyl block is located in the northwestern part of the Caspian Sea with a depth of 3 to 8 meters. Kazakh state-run company Kazmunaigas holds a 73-percent stake in the project while the Korean consortium comprised of eight Korean companies including Korean National Oil Corp., SK Innovation, Hyundai Hysco, LG International Corp., Aju Industrial, Samsung C&T, Daewoo Shipbuilding, and Daesung Industrial holds the remaining 27-percent stake.

 

Kazmunaigas and the Korean consortium will explore the area further to find out additional reserves. On the Caspian Sea, there are as many as 100 oil companies operating. As of the end of last year, the proven oil reserves in the area are estimated at 38.2 billion barrels, accounting for about 2.6 percent of the world's reserves.