Lukoil president Vagit Alekperov and NC KazMunayGas management board chairman Alik Aidarbayev signed agreements on joint cooperation and financing of the Zhenis Project in the Kazakhstan's part of the Caspian Sea.
The documents set the terms of the block’s development.
The next step will be the negotiations with the competent authority of the Republic of Kazakhstan to qualify for the exploration and production at the block.
The new Caspian project is an important milestone in terms of expanding of the Company’s resource base in the strategically important region, where the Company has already gained significant competencies.
Zhenis block is located in the southern part of the Kazakhstan’s sector of the Caspian Sea. The distance to the shore is 80 kilometers, the nearest sea port is Aktau.
Source: Company Press Release