Astana, October 8 - Neftegaz.RU.
President of LUKOIL
Vagit Alekperov and Chairman of the Management Board of NC KazMunayGas
(KMG) Alik Aidarbayev signed an agreement on the Al-Farabi Project (formerly I-P-2 license block) in the Kazakh Sector of the Caspian Sea.
The agreement defines rights and obligations of LUKOIL and KMG as future license holders under the project
. This is a next step after the principles agreement, concluded in June of 2019. The parties intend to proceed with signing a contract on exploration and production of hydrocarbons, that will come into force as soon as KMG receives the license and the parties close the deal to establish a joint venture with 50.01% (KMG) and 49.99% (LUKOIL) shares.
As part of LUKOIL and KMG strategic cooperation, the companies are partners in major projects – Karachaganak, Tengiz, Kumkol, and in oil transportation project of Caspian Pipeline Consortium
. The Ministry of Energy of the Republic of Kazakhstan, KMG and LUKOIL signed an agreement to explore and produce hydrocarbons at Zhenis
offshore block on April 1, 2019.
Al-Farabi license block is located in the Kazakh Sector of the Caspian Sea, 100 – 130 kilometers away from the shore with the water depth of 150-500 meters. The license block covers over 6 000 square kilometers. The water zone remains ice-free all year round.
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