Kazakhstan says Rosneft Quits and Shell Joins Kazakh Oil Project
Russia’s Rosneft has quit Eurasia, an early-stage oil exploration project in Kazakhstan, while Shell has joined it, an executive of the Kazakh company involved in the project said on Monday.
The Eurasia project focuses on exploring a geological area known as the Caspian Depression in western Kazakhstan by drilling ultra-deep wells of up to 15 kilometres.
Kazakhstan has estimated that the untapped lower levels of the geological structure could hold up to 60 billion tonnes of oil. The initial stage of exploration, including the drilling of the first well, could cost $500 million.
Six companies, including Kazakh national energy firm KazMunayGaz, Azerbaijan’s SOCAR, Italy’s ENI, China’s CNPC and U.S. geological services group NEOS, signed up for the project last year.
