Statoil enters Kazakh joint venture

Offshore staff

STAVANGER, Norway -- Statoil and KazMunayGas have signed a heads of agreement for the Abay block in the Kazakh sector of the Caspian Sea. The two parties will evaluate hydrocarbon potential in the block, which is 65 km (40 mi) from shore and in a water depth of 8-10 m (26-33 ft).

They also will establish a company to operate the project. The exploration work program will include seismic surveys, data acquisition, and drilling of one exploration well.

The joint operating company will also participate in investment projects that will include training of local personnel. And, Statoil will provide financial and technical assistance to KazMunayGas’ project to build, own, and operate a jackup for drilling 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” said Kairgeldy Kabyldin, chairman of the management board of JSC NC KazMunayGas.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...