Lukoil joins forces with KazMunayGas for Caspian Sea project
- Business & Finance
Russian energy giant Lukoil and Kazakhstan’s state-owned oil and gas company KazMunayGas have established a consortium on the Zhenis project in the Caspian Sea.
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, Lukoil said on Tuesday.
The documents set the terms of the block’s development. The next step will be the negotiations with the competent authority 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,” Lukoil stated.
Zhenis block is located in the southern part of the Kazakhstan’s sector of the Caspian Sea. The distance from the shore is 80 kilometers and the nearest sea port is Aktau.
In Kazakhstan, Lukoil is involved in the development of Tengiz, Karachaganak and Kumkol fields, and is also a party to the joint venture to develop Tsentralnoye field in the Caspian Sea and a member of the Caspian Pipeline Consortium.