Russia’s LUKOIL to launch another project in Kazakhstan
Baku, Azerbaijan, May 31
By Sara Israfilbayova – Trend:
LUKOIL, Russia’s 2-nd largest oil company, will add another project in Kazakhstan to its portfolio, said Kurmangazy Iskaziyev, Deputy Chairman of the Management Board for Exploration, Production and Oilfield Services at Kazakhstan’s state company KazMunaiGas, Trend reports.
Iskaziyev made the remarks at the 26th International Caspian Oil & Gas Conference in Baku, Azerbaijan on May 31.
According to him, the company will sign an agreement with KazMunaiGas on a new offshore unit on the Kazakh shelf of the Caspian Sea next week.
He stated that the agreement on the I-P-2 sea unit will be signed on June 5-6 during the forum in St. Petersburg.
Iskaziyev noted that this is an agreed model contract that is to be signed with the government.
"We have now passed the general stage and agreed on all commercial issues. All that remains is to sign the agreement," he said.
The companies will have equal shares in the project. The initial investment is estimated at $70 million, which will be spent on seismic works and drilling one exploration well.
In April, LUKOIL signed a contract for the exploration and development of the Zhenis block adjacent to I-P-2 in the Caspian Sea.
The company has been present in the Kazakh market since 1995 and participates in the Kumkol, Karachaganak and Tengiz projects, as well as in the Caspian Pipeline Consortium.