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Lukoil and KazMunayGas conclude agreement on Caspian project

Vagit Alekperov and Sauat Mynbayev signed a Principles Agreement on Zhenis license area, in Astana today.

Lukoil and KazMunayGas conclude agreement on Caspian project Lukoil and KazMunayGas conclude agreement on Caspian project


Astana, June 5 - Neftegaz.RU. President of Lukoil Vagit Alekperov and Chairman of the Management Board of KazMunayGas Sauat Mynbayev signed a Principles Agreement on Zhenis license area in Kazakhstan today.

 

According to the agreement, the parties will establish a consortium upon completion of relevant procedures, required for the agreement to enter into force, and negotiate with a competent authority of Kazakhstan to qualify for exploration and production at the block.

 

Zhenis area is located in the Kazakhstani sector of the Caspian Sea, at depths varying from 75 to 100 meters, close to fields with proven hydrocarbon reserves, 80 km offshore and 180 km away from the port of Aktau (Kazakhstan).

 

A major foreign investor in the country’s economy, Lukoil has been successfully operating in Kazakhstan since 1995. ​The new Caspian project is an important milestone in terms of sprawling of the company's resource base in the strategically critical region, where the company has already gained significant competencies. ​

 

To read the news in Russian.

 

Source : Neftegaz.RU