LUKOIL concludes contract for hydrocarbon exploration and developmet on Zhenis block in Kazakhstan
Moscow. PJSC LUKOIL the Ministry of Energy of the Republic of Kazakhstan and JSC NC KazMunayGas ("KazMunayGas") have concluded a contract for the exploration and development of hydrocarbons on the Zhenis block in the Kazakh Sector of the Caspian Sea. Zhenis Operating LLP (a fifty-fifty joint venture between LUKOIL and KazMunayGas) will be operator of the project.
In accordance with the concluded contract main minimal obligations include drilling of one exploration well and a 3D seismic survey.
The new project in the Caspian Sea is an important step in expanding the resource base in the region which has a strategic importance for the Company and where it has accumulated considerable expertise.