Baku, Azerbaijan, June 8
By Nargiz Sadikhova - Trend:
National oil company of Kazakhstan KazMunayGas and Russia's Lukoil agreed on work on I-P-2 field in Kazakh area of the Caspian Sea, Trend reports citing Inbusiness.
Corresponding agreement was signed within the framework of St. Petersburg International Economic Forum. By signing the agreement, the companies stated that they are to hold negotiations on obtaining rights of subsoil usage on the mentioned field.
“Furthermore, companies are to sign a contract on exploration and extraction of hydrocarbon raw materials, as well as on creation of the joint venture to operate the field,” the statement said.
“Over the course of years, 2D survey seismic works have been carried out in the field. The depth of water here is 300-400 meters, and the distance from the shore is 130 km,” reads the message.
“The minimal cost of the work is estimated to be $70 million and the work itself includes drilling of one exploration well and other types of exploration,” the report said.
“The signed agreement will lead to the contract on equal terms between Lukoil and KazMunayGas in the future,” the statement said. “The exploration period is to be six year long with the possibility of extension for three more years. The estimated period of oil extraction is to be 25 years.”
“The depth of the exploration well on I-Р-2 is 3,000 meters. The estimated volume of extracted oil is 71 million tons,” reads the message.
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