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Lukoil Concludes Contract for Hydrocarbon Exploration & Developmet on Zhenis Block

Source: www.gulfoilandgas.com 4/3/2019, Location: Asia

PJSC LUKOIL (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.

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