KazMunaiGas in talks with two potential partners on Abay project in Kazakhstan
Azerbaijan, Baku, March 14 / Trend E. Kosolapova/
Kazakh National Oil and Gas Company KazMunaiGas is in talks with two potential partners on exploration of Abay oil field, Novosti-Kazakhstan 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 in the Kazakh sector of the Caspian Sea.
Previously Statoil planned to work on the project in partnership with Kazakh KazMunaiGas.
Abay is located in the northern part of the Kazakh sector of the Caspian Se. It is located 65 kilometers from the coast at a depth of 8-10 meters.