Lukoil, KazMunayGas in accord on Caspian license

Lukoil President Vagit Alekperov and KazMunayGas Chairman Sauat Mynbayev have signed a principles agreement concerning the Zhenis license area in the Kazakh sector of the Caspian Sea.

Offshore staff

ASTANA, Kazakhstan – Lukoil President Vagit Alekperov and KazMunayGas Chairman Sauat Mynbayev have signed a principles agreement concerning the Zhenis license area in the Kazakh sector of the Caspian Sea.

The two parties will establish a consortium on completion of relevant procedures for the agreement to enter into force, and will negotiate with a competent authority of the Republic of Kazakhstan to qualify for exploration and production at the block.

Water depths over the Zhenis area range from 75-100 m (246-328 ft): the concession is close to fields with proven hydrocarbon reserves, 80 km (50 mi) offshore and 180 km (112 mi) from the port of Aktau.

06/11/2018

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