BAKU, Azerbaijan, Mar. 16
By Nargiz Sadikhova - Trend:
Kazakhstan’s KazMunayGas and Russia’s LUKOIL companies will take steps for joint development of Al Farabi offshore oil field, Trend reports citing Kazakhstan’s Ministry of Energy.
The cooperation within the Al Farabi field development was discussed during the meeting between Kazakhstan’s Energy Minister Nurlan Nogayev and the President of LUKOIL Vagit Alekperov.
The Chairman of the Board of KazMunayGas Alik Aidarbayev also took part in the meeting during which the development of joint projects in the field of subsoil use and prospects for interaction under the Al-Farabi project were discussed.
Following the meeting, a protocol of direct negotiations was signed within the framework of joint development at the Al-Farabi offshore section.
The next stage involves the signing of a subsoil use contract between KazMunayGas and LUKOIL.
During the meeting LUKOIL also expressed interest in Kazakhstan's Kalamkas Sea and Khazar fields and their development plans.
LUKOIL has been operating in Kazakhstan since 1995. The Company is a party to several onshore production projects and a member of the Caspian Pipeline Consortium (CPC). LUKOIL has been investing substantial sums both in production projects and in the region’s social development.
KazMunayGas (KMG) National Company is the Kazakhstan operator for exploration, production, refining, and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.
---
Follow the author on Twitter: @nargiz_sadikh