Lukoil and KazMunayGas ink agreement for block in Kazakh sector of Caspian Sea

Russia’s Lukoil and Kazakhstan’s KazMunayGas have signed heads of agreement for a project in the Kazakh sector of the Caspian Sea. 

Lukoil President Vagit Alekpero and Chairman of the Management Board of JSC NC KazMunayGas Alik Aidarbayev signed the heads of agreement on the I-P-2 block located in the Kazakh sector of the Caspian Sea last Friday at the 23rd St. Petersburg International Economic Forum.

According to Lukoil, the heads of agreement call for the parties to hold negotiations to obtain mineral rights on the block. At the next stage the parties will conclude a contract for hydrocarbon exploration and production and create a joint venture in charge of operations on the block.

The I-P-2 license block is located in the Kazakh sector of the Caspian Sea with water depth within its area ranging from 300 to 400 meters. The distance to the shore is 130 kilometers. The nearest port, Aktau, is 130 kilometers from the block. A number of 2D seismic surveys covering the block area were acquired in previous years.

KazMunayGas CEO, Alik Aidarbayev, said: “We welcome Lukoil commitment to expand partnership with KazMunayGas and develop Kazakh section of the Caspian Sea. I believe that signing of the I-P-2 Heads of Agreement will further boost our bilateral partnership.”

Lukoil and KazMunayGas are strategic partners and have been implementing a number of joint projects for several years. In April 2019, Lukoil and KazMunayGas concluded a contract for hydrocarbon exploration and development on the Zhenis block in the Kazakh Sector of the Caspian Sea.

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