BAKU, Azerbaijan, February 9. Kazakhstan's national oil and gas company KazMunayGas and Russian energy corporation Lukoil agreed on the joint development of the Kalamkas-Sea, Khazar, Auezov subsoil in the Kazakhstani sector of the Caspian Sea, Trend reports, citing the press office of KazMunayGas.
The parties signed the Participants Agreements, the Agreement for the sale of a 50 percent stake in the authorized capital of Kalamkas-Khazar Operating LLP, and the Agreement on the conditions for financing the activities of the operator by the participants.
The agreements have been signed earlier today in Astana.
Consequently, Lukoil became the strategic partner of KazMunayGas in the development of this area of subsoil.
The agreements will come into force after the completion of the Sales and Purchase Agreement between KazMunayGas and Lukoil in order to secure parity shares in the project operator, Kalamkas-Khazar Operating LLP.
KazMunayGas received the right to use subsoil in the Kalamkas-Sea, Khazar, Auezov subsoil area located in the Kazakhstani sector of the Caspian Sea on 6 February 2023
KazMunayGas is the state-owned oil and gas company of Kazakhstan. It was formed by the decree of the President of Kazakhstan dated 20 February 2002 through the merger of Kazakhoil CJSC and Oil&Gas Transportation CJSC.
Lukoil is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petroleum, natural gas, petroleum products, and electricity.