Shell has joined the Eurasia project, while Rosneft has quit it. This was announced by the KMG-Eurasia (a KazMunayGaz company) chief executive at the end of May. The project will remain open to new participants till the end of 2018. Reasons for Rosneft leaving the project have not been publicised.  The Eurasia Project aims to explore the Precaspian Basinâs deep petroleum potential by initially collecting and analysing all the available information, carrying out a series of regional seismic surveys and eventually drilling a 15 km deep well. The project is expected to run for 5 years. Its preliminary cost is estimated at USD 500 mln.  The Eurasia Projectâs concept was originally unveiled in Kazakhstan in 2013. In June 2017, the Kazakhstan Ministry of Energy, the Geological Committee (part of the Ministry for Investment and Development), KMG-Eurasia, Agip Caspian Sea, RN-Exploration (Rosneft), CNPC, SOCAR and NEOS Geosolutions signed a memorandum of understanding within the framework of the Eurasia Project. The parties to the MOU had agreed to conduct exclusive negotiations on the main commercial, technical and contractual terms and conditions of the project implementation with a view to conclude a contract for the geological exploration of the Precaspian Basin in accordance with Kazakhstan legislation.  The Precaspian Basin falls into the territories of Kazakhstan and Russia and the project is supported by the governments of both countries. Their authorised bodies have expressed intent to exchange geological information and to co-ordinate work in order to carry out exploration activities on the same technological basis.
Shell has joined the Eurasia project, while Rosneft has quit it. This was announced by the KMG-Eurasia (a KazMunayGaz company) chief executive at the end of May. The project will remain open to new participants till the end of 2018.