Lukoil and KazMunayGas have agreed to collaborate to develop the Zhenis project in the Kazakhstan's sector of the Caspian Sea.
President of PJSC LUKOIL, Vagit Alekperov, and Chairman of the Management Board of JSC NC KazMunayGas, Alik Aidarbayev, signed agreements Tuesday for joint cooperation and financing of the project. The documents set the terms to develop the Zhenis block, located 80 kilometers from shore in the southern part of the Kazakhstan’s sector of the Caspian Sea.
The partners will next negotiate with Kazakhstan authorities to qualify for the exploration and production at the block.
LUKOIL has been operating in Kazakhstan since 1995 and is currently involved in the development of Tengiz, Karachaganak and Kumkol fields, is also a party to the joint venture to develop Tsentralnoye field in the Caspian Sea and is a member of the Caspian Pipeline Consortium.