Moscow, December 4 - Neftegaz.RU. President of LUKOIL Vagit Alekperov and Chairman of the Management Board of KazMunayGas Alik Aidarbayev signed agreements on joint cooperation and financing of the Zhenis project in the Kazakhstan's sector of the Caspian Sea. The documents set the terms of the block's development.
The next step will be the negotiations with the competent authority of the Republic of Kazakhstan to qualify for the exploration and production at the block.
The new Caspian project is an important milestone in terms of expanding of the company's resource base in the strategically important region, where the company has already gained significant competencies.
Zhenis block is located in the southern part of the Kazakhstan’s sector of the Caspian Sea. The distance to the shore is 80 kilometers, the nearest sea port is Aktau.
LUKOIL has been successfully operating in Kazakhstan since 1995. The company is involved in the development of Tengiz, Karachaganak and Kumkol fields, is also a party to the joint venture to develop Tsentralnoye field in the Caspian Sea and is a member of the Caspian Pipeline Consortium.