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23.09.2016 15:48

Kazakhstan offers SOCAR to take part in Eurasia project

Kazakhstan offers Azerbaijans state oil company SOCAR to consider the possibility of participation in the international Eurasia project, according to the protocol of the 13th session of the Kazakhstan-Azerbaijan intergovernmental commission on economic cooperation that was held on September22 in Astana, Kazakh media reported.

The Eurasia project envisages regional geological and geophysical studies in the Caspian basin.

According to the protocol, the sides agreed to study opportunities for the implementation of joint energy projects, to expand cooperation in the delivery of oil and oil products aimed at the diversification of routes from the Caspian Sea to global and European markets, to study the possibility of transportation of Azerbaijans liquefied gas via the Batumi Oil Terminal.

The Eurasia project was initiated by presidents of Russia and Kazakhstan in 2014. As a part of the project, it is planned to drill an ultra-deep well with a depth of 15 kilometers. As a result of the drilling, it is planned to discover hydrocarbon deposits at a depth of approximately 7-9 kilometers in the area of the Caspian basin.

The project was expected to start in 2016. It is designed for six years and is estimated at about $523 million. Lukoil, Rosneft, Shell, Chevron and Chinas CNPC have already expressed their interest in the project.

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