“KazMunayGas” and Statoil ASA sign Memorandum of Understanding

An additional condition for entry of Statoil to the "Abai" project is its participation in organization of a drilling club with the interested potential users on construction and operation of a jack-up type of drilling rig in the Kazakhstan sector of the Caspian Sea, and in implementation of infrastructure and social projects in Kazakhstan, incl. financing of the Kazakhstan personnel training.
Within the framework of the Memorandum, JSC “National Company “KazMunayGas” and the Norwegian Statoil have also reached agreements on exchange of experience in production, transportation and storage of gas, development of the local content share in production of equipment and providing services in the petroleum industry, in the sphere of corporate governance and establishment of corporate structures and processes, etc.
The Republic of Kazakhstan and the Kingdom of Norway signed the Joint Declaration on Further Development of Friendly Ties and Cooperation and the Joint Statement on Oil and Gas Dialogue and Cooperation on 25 May 2004.
JSC NC “KazMunayGas” and Statoil signed the first Memorandum of Understanding on Possible Cooperation on the "Abai" Area on 30 June 2005.
The "Abai" area is located in the northern part of the Kazakhstan sector of the Caspian Sea, 65 km from the shore, at a depth of 8-10 m.