Eni will drill near Kazakhstan’s Kashagan in the Caspian Sea
The Italians, together with KMG, will conduct exploration near Kashagan, the largest offshore field in Kazakhstan.
Italian Eni will drill an exploration well in the Abay block in the Kazakh sector of the Caspian Sea. The company announced its intentions to conduct geological exploration work in the shallow waters of the Caspian Sea, close to the largest oil and gas project already being developed on the shelf of Kazakhstan, Kashagan. Together with the development of the Tengiz and Karachaganak fields, the development of this project is among the leaders in terms of investment in oil projects in this country.
The Italians will conduct exploration in the Abay block in partnership with the national oil and gas company KazMunayGas. The joint venture between the Kazakh company and Eni – Isatay Operating, created on a parity basis (50% to 50%), will attract $300 million from each of the companies.
Exploration in the Abay block was initially planned for 2021, but was repeatedly postponed. Now drilling of an exploration well is planned for the third quarter of this year.
According to the Ministry of Environment and Natural Resources of Kazakhstan, over the past two decades, the Kazakh sector of the Caspian Sea has been shallowing at a rapid pace. In the period from 2021 to 2023, the average sea depth decreased by 35 cm. Such rates lead to adjustments in the equipment used to develop oil and gas assets in the Caspian Sea. One of the options for the drilling rig used for drilling on the Abay block could be the Caspian Explorer, capable of operating at a water depth of 2.5 to 5.5 m. While previously reported depth estimates for this block were 8 m.
