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KazMunaiGas launches construction of offshore drilling rig

Oil&Gas Materials 28 July 2011 14:07
The construction ceremony of a new offshore rig was held in the Kurik settlement of the Mangistau region on Wednesday, as part of an agreement on the principles between KazMunaiGas (KMG) and the Korean Consortium of the Caspian Oil Project for the prospective offshore site Zhambyl, located in the Kazakh sector of the Caspian Sea.
KazMunaiGas launches construction of offshore drilling rig

Kazakhstan, Astana, July 28 / Trend A. Maratov /

The construction ceremony of a new offshore rig was held in the Kurik settlement of the Mangistau region on Wednesday, as part of an agreement on the principles between KazMunaiGas (KMG) and the Korean Consortium of the Caspian Oil Project for the prospective offshore site Zhambyl, located in the Kazakh sector of the Caspian Sea.

This unit is required for geological explorations, the KMG press service said.

"The project participants are KMG with 73 percent equity participation and the Korean Consortium with 27 percent equity participation", the statement said. "According to accepted obligations, the Korean Consortium will mobilize its own rig, which involves the rig's construction and transportation. The rig is planned to be built in the second quarter of 2012."

The parties have presently finalized the signing of the agreement on the mobilization and operation of the offshore drilling rig.

This agreement is planned to be signed in the third quarter of 2011.

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