Kazakhstan: Statoil and KazMunayGas to Evaluate Hydrocarbon Potential of Abay Offshore Block

 

Statoil and KazMunayGas have signed the Heads of Agreement (HoA) on the Abay block in the Kazakhstani sector of the Caspian Sea.

Under the HoA, the parties plan to conduct evaluation of the hydrocarbon potential of the “Abay” block in the Northern Caspian Sea. Statoil and KazMunayGas will jointly establish a company that will serve as operator of the project. The exploration work programme will cover seismic surveys, data acquisition and the drilling of one exploration well.

“Joint cooperation in the Abay block is an important strategic step for Statoil as we continue our international growth. This agreement marks an important milestone in Statoil’s re-entry into Kazakhstan and I am very pleased that we have strengthened our partnership with KazMunayGas,” says Tim Dodson, executive vice president for Exploration in Statoil.

In addition to the work programme the joint operating company will participate in social investment projects including training of local personnel. Statoil will provide financial and technical assistance to KazMunayGas’ project to build, own and operate a jack-up drilling rig for the use in the Caspian Sea.

“We are interested in cooperation with Statoil in attracting and using their experience and technologies in operating international offshore oil and gas projects”. The HoA signing confirms the intentions of the parties about the strategic partnership of our two companies on the joint activities in the Caspian Sea” says Kairgeldy Kabyldin, Chairman of the management board of JSC NC “KazMunayGas”.

The “Abay” block is located 65 km from the shore, at a water depth of 8-10 meters.

Source:Statoil,March 30, 2011;

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply