National Company KazMunayGas and Statoil ASA sign Memorandum of Understanding

/KASE, June 4, 10/ - National Company KazMunayGas (Astana), listing on Kazakhstan Stock Exchange (KASE), provided KASE with a press release dated June 3, 2010: Quotation begins Within the framework of the 4th Kazakhstan Investment Summit, JSC "National Company "KazMunayGas" and the Norwegian Statoil ASA signed a Memorandum of Understanding on 3th June this year in Almaty. Under the Memorandum of Understanding, the parties plan to conduct evaluation of the hydrocarbon upstream potential both on the territory of the Republic of Kazakhstan, and in other countries. The parties have determined the "Abai" area as a possible potential project for cooperation in Kazakhstan. An additional condition for entry of Statoil to the "Abai" project is its participation in organization of a drilling club with the interested potential users on construction and operation of a jack-up type of drilling rig in the Kazakhstan sector of the Caspian Sea, and in implementation of infrastructure and social projects in Kazakhstan, incl. financing of the Kazakhstan personnel training. Within the framework of the Memorandum, JSC NC "KazMunayGas" and Statoil have also reached agreements on exchange of experience in production, transportation and storage of gas, development of the local content share in production of equipment and providing services in the petroleum industry, in the sphere of corporate governance and establishment of corporate structures and processes, etc. For reference: The Republic of Kazakhstan and the Kingdom of Norway signed the Joint Declaration on Further Development of Friendly Ties and Cooperation and the Joint Statement on Oil and Gas Dialogue and Cooperation on 25 May 2004. JSC NC "KazMunayGas" and Statoil signed the first Memorandum of Understanding on Possible Cooperation on the "Abai" Area on 30 June 2005. The "Abai" area is located in the northern part of the Kazakhstan sector of the Caspian Sea, 65 km from the shore, at a depth of 8-10 m. JSC National Company KazMunayGas is Kazakhstan's national operator for exploration, production, refining and transportation of hydrocarbons. 100 percent of the shares of JSC NC "KazMunayGas" are owned by JSC "Sovereign Welfare Fund "Samruk-Kazyna". Statoil is an international energy company with operations in 40 countries. Statoil is one of the world's largest net seller of crude oil, the world's largest operator in water deeper than 100 meters, the world leader in carbon capture and storage, the second largest exporter of gas to Europe and the biggest retailer of oil products in Scandinavia. Statoil office in Astana was opened in 2004. Public Relations National Company KazMunaiGas 19 Kabanbay batyr ave., Astana, 010000, Kazakhstan tel. +7 (7172) 976340, fax: +7 (7172) 976329 pr@kmg.kz; www.kmg.kz Branch of Statoil North Caspian ASA in the Republic of Kazakhstan 12 Samal microdistrict, Astana, 010000, Kazakhstan tel.: +7 (7172) 58 00 86, +7 (7172) 58 00 87 abai@statoil.com, www.statoil.com Ends [2010-06-04]