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
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.