LUKOIL and KazMunayGas ink agreement on Kalamkas-Sea offshore field

LUKOIL and KazMunayGas ink agreement on Kalamkas-Sea offshore field

Russia’s LUKOIL and Kazakhstan’s KazMunaiGas (KMG) have signed an Agreement on Principles for the Kalamkas-Sea and Khazar Project, according to to KMG.

The mentioned agreement was signed during the meeting between the Chairman of the Management Board of JSC NC KazMunayGas (KMG) Alik Aidarbayev and the President of PJSC LUKOIL Vagit Alekperov on November 16.

It is reported that the document presupposes further negotiations between KMG and LUKOIL on defining the concept, details and conditions for joint field development.

Also, the parties discussed topical issues of cooperation and implementation of joint projects in Kazakhstan.

“KazMunayGas and LUKOIL have long-term fruitful cooperation. Today we open new facets for its expansion and sign an agreement on the Kalamkas-Sea and Khazar project. I am sure that the implementation of the project will give a new impetus to our mutually beneficial partnership,” Aydarbayev noted.

“By signing the Agreement of Principles, we are laying the future foundation for dynamic engagement. We are glad that we have new initiatives and projects that we can implement using the accumulated experience of our companies in the oil industry,” Alekperov stressed.

It is noted that the companies are participating in such projects as Karachaganak, Tengiz, Al-Farabi, Zhenis, in the oil transportation project of the Caspian Pipeline Consortium, as well as in joint ventures for the development of the Khvalynskoye and Central fields.