June 7, 2021

Credit: Lukoil

Credit: Lukoil

Russian oil company Lukoil has agreed to acquire a stake in an offshore block in the Kazakh sector of the Black Sea.

Lukoil’s president Vagit Alekperov and Chairman of Kazakhstan’s “KazMunayGas” Alik Aidarbayev last Friday signed a sale and purchase deal for a 49.99% stake in the charter capital of Al-Farabi Operating LLP. 

The deal will see Lukoil join the exploration and production project on the Al-Farabi block – previously known as I-P-2 block – in the Kazakhstan sector of the Caspian Sea.  

“The companies’ decision to join efforts in the development of the Al-Farabi block is another step in their continuous fruitful cooperation. LUKOIL, the Ministry of Energy of the Republic of Kazakhstan and KazMunayGas had earlier concluded a contract for hydrocarbon exploration and production on the Zhenis block,” Lukoil said.

LUKOIL and KazMunayGas are also strategic partners in the large-scale Karachaganak and Tengiz projects, in joint ventures that develop the Khvalynskoye and Tsentralnoye fields, as well as in the Caspian Pipeline Consortium oil transportation project.

This post appeared first on Offshore Engineer News.

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