Statoil’s quitting Abay project confirmed

Kazakh Minister for Petroleum Sauat Mynbayev has confirmed withdrawal of Statoil (Norway) from development of the Abay Field in the Caspian Sea.

KazMunayGas will continue development of the field with a different partner, the minister said. He did not name the sum the company had invested in the project.

Statoil had announced withdrawal from the project two days ago.