Statoil returns to Kazakstan

The Norwegian national oil company Statoil will be resuming activity in Kazakstan, after it sold out its interest there last winter. This is one of the results of President Nursultan Nazarbajev's two-day visit to Norway. He announced that he wants to se Norwegian oil expertise back in Kazakstan. Staoil was part of the international consortium OKIOC, and owned 4.76 per cent of the huge Kashagan Field. However, Statoil sold its interests last February, when it was not awarded an operator's license. The Norwegian company is now ready to again invest in the Kazakstan oil reserves, but Statoil CEO Olav Fjell says that it will take some time before practical problems are solved.