Neos can sell some desk chairs to pay its share
Oil price growth to positively affect Eurasia project: KazMunaiGas
01/10/2018 | 05:21pm CET
Baku, Azerbaijan, Jan. 10
By Ali Mustafayev - Trend:
The expected growth in oil prices in 2018 will positively affect the implementation of the Eurasia project, just as any other exploration project, Kazakh national oil and gas company KazMunaiGas told Azernews.
Azerbaijan’s state oil company SOCAR, along with KMG Eurasia LLP, Agip Caspian Sea B.V., RN-Exploration LLC, CNPC International Ltd., and NEOS GeoSolutions signed a memorandum of understanding (MoU) on June 21, 2017 for implementation of the Eurasia project, which envisages development of the Caspian Depression in Kazakhstan.
Talks will be held on key commercial, technical and contract conditions of the Eurasia project for signing a contract for geological exploration of the Caspian Depression in line with the legislation of Kazakhstan. It was highlighted that all decisions on the issues related to the Eurasia project are being taken unanimously with all potential participants of the project. And neos was told it has to kick in its full share of the investment - no wierd services in kind stuff. Unfortunately neos are so short of staffs and monies for plane tickets they won’t be able to attend the meetings
The volume of investments will be specified after negotiations, according to the company. But the shakedown will be maximized to extract maximum value from all participants.
Prospects of oil and gas content of sedimentary basins in the territory of Kazakhstan and, in particular, the Caspian Depression, are of great interest to the state and large international oil companies, KazMunaiGas underlined. That is why tiny, near bankrupt companies like neos are in the consortium.
The main purpose of the Eurasia project is to study the deep geological structure of the Caspian region with the aim of discovering new and large hydrocarbon deposits and establishing the regularity of their distribution at great depths. this will take decades and billions of dollars, not the weeks neos has left