KazMunaiGas in talks with two partners on Caspian oil field
Kazakh National Oil and Gas Company KazMunaiGas is in talks with
two potential partners on exploration of Abay oil field in the
Kazakh sector of the Caspian Sea, Novosti-Kazakhstan news agency
reported with the reference to the company's Deputy Chairman for
Geology and Promising Projects, Kurmangazy Iskaziyev.
"Negotiations on the Abay project are underway. We have two
partners. We will determine the conditions (of the agreement) in
accordance with the law "On Subsoil and Subsoil Use"," Iskaziyev
said.
According to the law, the investors pay for exploration works and
these expenses will be reimbursed with the revenues from oil
produced in the future.
Earlier Norwegian Statoil officially informed Kazakhstan about its
intention to withdraw from the Abay project.
Previously Statoil planned to work on the project in partnership
with KazMunaiGas.
Abay is located 65 kilometers from the coast at a depth of 8-10 meters.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!