News 2020October 2020
Oil and gas companies KazMunayGas and Lukoil plan to engage in joint subsoil use in Kazakhstan, with reference to the press service of the national company. According to the organisation, the chairman of the board of KMG Alik Aidarbayev and the president of Lukoil Vagit Alekperov signed an agreement on the Al-Farabi project, which previously was called I-P-2.
The national company plans to send an application to the Ministry of Energy for direct negotiations to obtain the subsoil use right at the Al-Farabi subsoil site. After permission, according to the document, the companies will create a joint venture with distribution of shares at 50.01% for KMG, 49.99% for Lukoil.
The companies are partners in large projects such as Karachaganak, Tengiz, Kumkol, as well as in the Caspian Pipeline Consortium oil transportation project. On April 1, 2019, a contract was signed between the Ministry of Energy, KMG and Lukoil for the exploration and production of hydrocarbons at the Zhenis offshore site.