Baku: Kazakhstan's Ministry of Energy is set to auction 24 oil and gas blocks through an electronic auction, as announced by the ministry itself. The blocks are located fully or partially within the Caspian sedimentary basin, with specific exploration depth guidelines.

According to Azeri-Press News Agency, the Ministry of Energy of the Republic of Kazakhstan has specified that the auction aims to grant subsoil use rights for hydrocarbons. The exploration and production blocks have a geological exploration depth limit set at minus 5,000 meters.

The auction winners will face several obligations, including preparing an exploration project within one year of signing the contract. Additionally, they must comply with minimum requirements for 2D seismic exploration within three years and drill at least one exploration well within four years.