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Lukoil and KazMunayGas signed an agreement on the Al-Farabi project in Kazakh sector of the Caspian Sea

Russian player and KazMunayGaz set to work together on Al-Farabi tract

Lukoil and KazMunayGas signed an agreement on the Al-Farabi project in Kazakh sector of the Caspian Sea

Nur-Sultan, March 16 - Neftegaz.RU. LUKOIL and KazMunayGas signed a protocol of direct negotiations on granting the right to explore & produce hydrocarbons as part of the joint development of the Al-Farabi offshore project.
KazMunayGas announced this on March 16, 2021, following a 3-party meeting held on the eve of the Kazakhstan´s Minister of Energy Nurlan Nogayev, Chairman of  KazMunayGas Alik Aidarbayev and Head of LUKOIL Vagit  Alekperov.

The parties noted significant progress in the development of the Al-Farabi project.
The next stage involves the signing of a contract for subsoil use and the completion of a future deal between KazMunayGas and LUKOIL to create a joint venture, with the distribution of shares: KazMunayGas – 50.01%, LUKOIL 49.99%.

A. Aidarbayev said during the meeting:
  • KazMunayGas and LUKOIL are strategic partners and have been implementing a number of joint projects for many years
  • The next stage in the development of cooperation confirms the close and reliable relationship between the parties
  • Both companies are interested in expanding the resource base and finding new prospects in the exploration and production of hydrocarbons in the region
Within the framework of the negotiations, the joint activities of KazMunayGas and LUKOIL on the Khvalynskoye, Tsentralnaya, Zhenis, where LUKOIL owns a share of 50%, 25% and 50%, respectively.
The partners also expressed its interest in the projects of Kalamkas Sea and Khazar.

In October 2020, the parties signed an agreement, which defined rights and obligations of both companies as future license holders under the project.

The Al-Farabi license block is located in the Kazakh sector of the Caspian Sea, 100-130 km away from the shore at water depths of 150-500 m.
The license block covers an area of over 6 000 sq. km, which remain ice-free all year round.

To read the news in Russian.

Source : Neftegaz.RU


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