The Norwegian company Statoil withdraws from the Abai project in the Kazakh sector of the Caspian Sea, Kazakhstan Today reports. According to the source, on February 11 the company notified the Ministry of Oil and Gas of the Republic of Kazakhstan on its decision, reported RusEnergy quoting Azerbaijani news agency Trend. In March 2011, the National Company KazMunaiGas and Statoil signed an agreement on the principles of cooperation in relation to the block Abay, the report says.The block is located in the Kazakh sector of the Caspian Sea in 60-70 km north-west from the coast of the peninsula Buzachi. The sea depth is 8-10 meters. Geological reserves of hydrocarbons in the block Abay estimated at 337 million tons of oil equivalent.
As in all new projects in Kazakhstan shelf, Statoil and KazMunaiGas cooperation assumed the creation of a joint venture, in which Kazakhstan would own at least 50%. Moreover, Norwegians had to pay all the costs of the exploration stage, Trend reports.
In addition, Statoil had to fund the construction of jack-up rig, which Kazakhstan would use in other Caspian projects after the completion of drilling at the Abai on the rights of joint ownership with the Norwegian company.
(Kazakhstan Today)
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