Lukoil, KazMunayGas team up for second Caspian block
June 7, 2021
Lukoil has signed an agreement with JSC NC KazMunayGas to take a 49.99% stake in the charter capital of Al-Farabi Operating LLP.
Offshore staff
MOSCOW – Lukoil has signed an agreement with JSC NC KazMunayGas to take a 49.99% stake in the charter capital of Al-Farabi Operating LLP.
Assuming satisfaction of various conditions, Lukoil will join the exploration and production project on the Al-Farabi (ex- I-P-2) block in the Kazakh sector of the Caspian Sea.
The 6,000 sq km (2,317 sq mi)-plus Al-Farabi block is adjacent to another concession containing the Zhenis field, where the two companies are already partners. The location is 100-130 km (62-81 mi) offshore, in water depths ranging from 150-500 m (492-1,640 ft): the sea in the area is said to be ice-free year-round.
Lukoil and KazMunayGas are also partners in the Caspian Pipeline Consortium oil transportation project.
