KazMunayGas and Statoil sign agreement on Abay block in Kazakhstan.

By bne IntelliNews March 31, 2011
Kazakh national company KazMunayGas and Norway's Statoil signed an agreement to explore for oil and gas on Abay block in Kazakh sector of the Northern Caspian Sea. The agreement was inked on Mar 16. The parties intends to agree the terms of cooperation in implementing the Abay project and plan to conduct evaluation of the hydrocarbon potential of the block. According to the Statoils statement the exploration work programme is going to include seismic surveys, data acquisition and drilling of one exploration well. Tim Dodson, Executive Vice President for Exploration in Statoil said that joint cooperation in the Abay block will be important strategic step for the company as this agreement marks a milestone - Statoils re-entry into Kazakhstan.

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