Kazakhstan offered India to develop offshore oil bloc Abay

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Last week Kazakhstan offered India to jointly develop Abay offshore oil bloc. It was announced during the session of the Kazakhstan-Indian intergovernmental commission on trade-economic, scientific-technical, industrial and cultural affairs.

Magzum Mirzagaliyev, Deputy Minister of Oil and Gas, said that the sides have agreed to consider the possibility of expanding cooperation for exploration and production of hydrocarbons on the territory of Kazakhstan.

Indian Senior Vice Minister of Oil and Natural Gas Saurabkh Chandra, head of the Indian delegation, said that India has announced its readiness to take part in the projects both independently and as a partner of the consortium.

“The Kazakhstan government has offered us Abay bloc, the company will study the entire information about the bloc and notify the Kazakhstan side,” said Saurabkh Chandra.

Total perspective geological resources of the offshore section Abay located on the north of the Kazakhstan sector of the Caspian Sea are estimated at 760 million tons of oil, which makes it advisable to carry out exploration works. The average depth of oil occurrence is 1300 meters on the cretaceous and 1800 meters on the Jurassic deposits. The sea depth is 9.5 meters. Possible volume of annual oil production on Abay field is 4 million tons and 0.5 billion cub.m. of gas.

Over a year ago in early 2013 Norwegian Statoil company, which intended to explore Abay field, refused of the project and handed it over to the Kazakhstan government. The Ministry of Oil and Gas said that time that it will look for the alternative investors for this perspective project.

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