Middle East Economic Survey


No 14



KMG And Statoil Sign Exploration Agreement For Abay Offshore Oil Field

Kazakh state firm KazMunaiGaz (KMG) announced on 30 March that it has signed a heads of agreement with Norways Statoil for the establishment of a joint venture for exploration work in the Abay offshore oil field. The work program will include seismic data acquisition and the drilling of one exploration well. The field lies in 8-10ms of water around 65km...