PJSC LukOil Re Agreement with Kazmunaygas on Al-Farabi Project
RNS Number : 4912B
08 October 2020
LUKOIL AND KAZMUNAYGAS SIGN AGREEMENT ON AL-FARABI PROJECT
President of LUKOIL Vagit Alekperov and Chairman of the
Management Board of JSC 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)
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 six
thousand square kilometers. The water zone remains ice-free all
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(END) Dow Jones Newswires
October 08, 2020 02:48 ET (06:48 GMT)
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