Italian Investors Fail to Find Oil in Kazakhstan
A joint venture between KazMunayGas and Italy's Eni failed to find oil at the Abay site in the Kazakh sector of the Caspian Sea, oil and gas analyst Oleg Chervinsky reported on Telegram, Orda.kz reports.
The analyst noted that the Abay-1 exploration well drilled on the Caspian shelf by Isatay Operating Company did not show commercial oil reserves. Isatay Operating is a company that KMG and Eni equally own. It conducts geological exploration in the Caspian under a 31-year contract.
Exploration of the Abay site began in 1995-1996. The Abay-1 well was drilled to a depth of two and a half kilometers, but exploration was unsuccessful. On October 1, the drilling rig was dismantled.
The geological program has been fully completed, but, apparently, there was no oil in this structure, writes Oleg Chervinsky, citing sources in KMG.
The analyst notes that this is not the first time the joint Kazakh-Italian company has failed to find oil on the Caspian shelf. In 2023, the LLP returned the Isatay site to the state ahead of schedule, which also had no extractable resources.
Original Author: Nikita Drobny
The original article was posted on 30/24/24
Latest news
- Part of Shymkent’s 3-Billion-Tenge Dam Destroyed One Month After Completion
- Putin to Visit Kazakhstan in Late May at Tokayev’s Invitation
- Clean Air for Almaty: Coal Power to Be Moved to Pavlodar Region
- Burger King Employee With Autism Allegedly Pressured to Resign After Management Change
- Bagdat Musin Explains Why KazLLM Is Not «Kazakhstan’s ChatGPT»
- Military Convoys in Three Kazakh Cities — What the Defense Ministry Says
- Kazakhstan Takes Two Golds at Artistic Swimming World Cup Stage in Medellín
- 2,500 Participants from 22 Countries: Almaty Opens the Running Season
- Snow and Frost: Weather Forecast for February 15
- Tokayev congratulates Serbia’s President Vucic on Statehood Day
- Mikhail Shaidorov Wins Kazakhstan’s First Winter Olympic Gold Since 1994
- Indian Crested Porcupines Spotted by Camera Trap in Ile-Alatau National Park
- Kazakhstan’s Air Pollution Isn’t Driven by Factories — Ministry of Ecology
- How the US Views Kazakhstan’s Constitutional Reform and Free Speech
- US Ambassador to Kazakhstan: Visa Restrictions for Kazakhstanis Are a Temporary Measure
- China-to-Russia Shipments Are Increasingly Bypassing Kazakhstan
- Shokan Ualikhanov Private School Reclassified as Large Business After Staff Tops 250
- Former Priest Yakov Vorontsov Reportedly Detained in Kazakhstan
- Kazakhstan Proposes Differentiated Toll Rates for Transit Foreign Drivers
- World Bank Ready to Provide Kazakhstan Up to $1 Billion a Year for Six Years
