Statoil and KazMunaiGas have signed the Heads of Agreement on the Abay block in the Kazakhstani sector of the Caspian Sea.
Under the agreement, the parties plan to evaluate the hydrocarbon potential of the Abay block in the northern section of the Caspian Sea. Statoil and KazMunaiGas will jointly establish a company that will serve as operator of the project.
The exploration work program includes seismic surveys, data acquisition and drilling of one exploration well. The Abay block is located 40 miles (65 kilometers) from the shore at a water depth of 26 to 33 feet (8 to 10 meters).
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