Baku, Azerbaijan, Feb. 15
By Nigar Guliyeva – Trend:
Russia's Lukoil is interested in participating in geological exploration of two blocks on the Caspian shelf of Kazakhstan, Russian media reported referring to Lukoil's president Vagit Alakparov.
"Legislation has changed there, [now] the legislation allows us to have a good rate of profitability on complex deposits. This is the Caspian and deep deposits. We are interested in two blocks in the Caspian, mainly on border with Russia," he told reporters in Sochi on Feb.15.
Alakparov noted that "Lukoil" is well familliar with the geology of the Caspian Sea.
Lukoil has been working in Kazakhstan since 1995. The company participates in several mining projects onshore, as well as in operation of the Caspian Pipeline Consortium (CPC).
Kazakhstan approved a new Code on subsoil and subsoil use in late 2017. The document is aimed at removing barriers in the work of subsoil users, improving the sectoral legal framework, attracting foreign direct investment into the industry, opening new fields and creating new jobs.
Kazakhstan, holding 3 percent of the world's oil reserves, is among the top 15 countries in the world in terms of proven oil reserves. Oil and gas bearing areas occupy 62 percent of the country's territory, and have 172 oil fields, of which more than 80 are under development. More than 90 percent of the oil reserves are concentrated in the 15 largest fields.