LUKOIL, KAZMUNAYGAS CONSORTIUM

LUKOIL - President of PJSC LUKOIL Vagit Alekperov and Chairman of the Management Board of JSC NC KazMunayGas Alik Aidarbayev signed agreements on joint cooperation and financing of the Zhenis project in the Kazakhstan's sector of the Caspian Sea. The documents set the terms of the block's development.  

The next step will be the negotiations with the competent authority of the Republic of Kazakhstan to qualify for the exploration and production at the block.

The new Caspian project is an important milestone in terms of expanding of the Company's resource base in the strategically important region, where the Company has already gained significant competencies.

INFORMATION

Zhenis block is located in the southern part of the Kazakhstan’s sector of the Caspian Sea. The distance to the shore is 80 kilometers, the nearest sea port is Aktau. 

LUKOIL has been successfully operating in Kazakhstan since 1995. The Company is involved in the development of Tengiz, Karachaganak and Kumkol fields, is also a party to the joint venture to develop Tsentralnoye field in the Caspian Sea and is a member of the Caspian Pipeline Consortium.

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Earlier: 

2018, December, 5, 09:25:00 KAZAKHSTAN WILL UP BY 3.1% IMF - Kazakhstan's growth was strong in the first half of 2018 at 4.2 percent, led by manufacturing, oil, and a recovery of credit growth. With base effects from high growth in late 2017, the team forecasts growth of 3.7 percent in 2018, and as oil production gains moderate, 3.1 percent in 2019.

2018, October, 31, 12:45:00 KAZMUNAIGAS IPO: $6.5 BLN FT - Kazakhstan’s state-run oil and gas company KazMunaiGas is finalising plans for an initial public offering that could raise as much as $6.5bn, in what could be central Asia’s largest ever stock market listing.

2018, August, 31, 11:00:00 KASHAGAN OIL PRODUCTION: 470 TBD PLATTS - Oil production at Kazakhstan's giant Kashagan field could be as high as 470,000 b/d under its first development phase, the head of the consortium overseeing the field, Brune Jardin, has said, while also noting plans for a big maintenance shutdown, and for development of nearby fields with China's CMOC.

2016, August, 18, 18:35:00 CASPIAN OIL UP The Russian government has issued the license for the Central Oil and Gas Company – a joint venture between Lukoil (25%), Gazprom (25%) and Kazakhstan’s KazMunaiGaz (50% ) – to develop the Central field.

2016, July, 4, 18:10:00 CHEVRON'S PROJECT: $40 BLN The company said this week in a presentation on its website that the decision on expanding the Tengiz development in Kazakhstan will be made in mid-2016. Installing 4,500 camp beds for construction crews is done and port dredging 25 percent complete, it said. The project may cost as much as $40 billion and add crude supply equivalent to that of Libya. The investment was put on hold last year after cost estimates ballooned amid plunging oil prices.