RIYADH: Luxembourg-based diversified natural resources producer Eurasian Resources Group, or ERG, has begun drilling in the Aktobe region of Kazakhstan.
In a statement, Serik Shakhazhanov, chairman of Eurasian Group LLP, which manages ERG’s assets in Kazakhstan, said: “Market analysis has revealed that existing geological exploration enterprises are organisationally disconnected; they have limited capabilities and a narrow focus.”
Well-drilling in the Central Asian country is expected to hit 40,000 linear meters annually, with potential expansion opportunities of 100,000 linear meters annually.
In an attempt to achieve this, the firm aims to raise drilling rig supply to 10. Investments in drilling equipment have cost the firm an accumulated $5 million.
