Deals
Statoil Abandons Kazakh Caspian Oil Project After 7 Years
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Statoil ASA is giving up a Kazakh offshore block after Norway’s biggest energy producer spent about seven years negotiating to start exploration, the latest international defection from a Caspian Sea project.
Statoil, state-owned KazMunaiGaz National Co.’s strategic partner in the Abai project, sent notice of its decision last month, the Astana, Kazakhstan-based energy producer said in an e-mailed response to questions. KazMunaiGaz said in 2006 that Statoil planned to join Abai, with an estimated 387 million tons of resources (2.8 billion barrels), the following year.