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New oil contracts expected to be signed in Kazakhstan

April 16 2015, 15:39

Image 0New subsoil use contracts are expected to be signed in Kazakhstan in 2015, the country's Energy Ministry told Trend.

“Kazakhstan's government adopted a decree 'On signing a contract for combined exploration and production at Abay and Isatay sites located in the Kazakh sector of the Caspian Sea' in 2015," said the ministry.

The country's Energy Ministry said that currently, it is considering the draft subsoil use contract on the Isatay site, adding that however, it hasn't received the draft contract on Abay site.

Abay block is located in Kazakh sector of the Caspian Sea, in 60-70 kilometers to north-west from the coast of the Buzachi peninsula. The sea depth at the block is 8-10 meters. The geological reserve of hydrocarbons at Abay block is estimated at 337 million metric tons of oil equivalent.

Kazakhstan's KazMunaiGas company and Norway's Statoil signed an agreement on the principles of cooperation on Abay block in March 2011. Statoil was supposed to take over all the expenditures at the stage of exploration.

The company informed Kazakhstan's Oil and Gas Ministry about its decision to withdraw from the Abay project in 2013. The new partner of KazMunaiGas in this project hasn't been named so far.

ONGC Videsh company of India said in April 2014 that it received a proposal to join the project, however, there is no information about this company's obtaining a share in this project.

Isatay site is located in the Kazakh sector of the Caspian Sea, in 45 kilometers to the north from the coast of the Bozashi peninsula. The sea depth at the Isatay site is 4-8 kilometers. KazMunaiGas and Italy's ENI signed an agreement on the implementation of this project in June 2014.

Photo:inform.kz

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