Lukoil signs for midwater Caspian block

June 13, 2019

Offshore staff

ST PETERSBURG, RussiaLukoil and JSC NC KazMunayGaz have signed a heads of agreement for block I-P-2 in the Kazakh sector of the Caspian Sea.

The two parties will conduct negotiations to obtain mineral rights on the block and will then seek to conclude a contract for hydrocarbon exploration and production, leading to formation of a joint venture to oversee operations.

I-P-2 is 130 km (80.8 mi) offshore the port of Aktau, in water depths of 300-400 m (984-1,312 ft).

Various 2D seismic surveys have been acquired over the block area.