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Kazakhstan’s Oil Company Kuat Finds Oil Near Chinese Border March 24, 2006

Posted by notapundit in World News.
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ALMATY, Kazakhstan (Dow Jones)–Kazakhstan’s oil company Kuat said Friday it has discovered oil at its test wells in the Karabulak and Sarybulak oil fields in eastern Kazakhstan near the Chinese border.

Kuat didn’t provide data on estimated reserves.

The Karabulak well was drilled to a depth of 2,140 meters. Sarybulak was drilled to a depth 990 meters and initially showed natural gas at a depth of 750 meters, the company said in a statement.

Located only 100 kilometers away from the Chinese border, the fields are the western part of the Junggar oil and gas basin. China’s Karamai oil field with 100 millions tons of oil is also a part of this basin.

This is the unusual oil discovery as almost all of Kazakhstan’s other hydrocarbon reserves are concentrated in the west of the country, particularly near the Caspian Sea.

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