Statoil, Kazmunaygas to explore Caspian block

By OGJ editors
HOUSTON, Mar. 31 -- Statoil and Kazmunaygas signed a heads of agreement to explore the Abay block in Caspian Sea off Kazakhstan.

The two firms will establish a company that will serve as operator and shoot seismic and drill an exploratory well. The block is in 8-10 m of water 65 km from shore and southwest of supergiant Kashagan oil and gas-condensate field.

The joint operating company will participate in social investment projects including the training of local personnel. Statoil will provide financial and technical assistance to Kazmunaygas’ project to build, own, and operate a jackup for use in the Caspian.