ECONOMY
“LUKOIL” AND “KAZMUNAYGAS” CLOSE DEAL ON EXPLORATION AND EXTRACTION OF HYDROCARBON RESERVES
President of “Lukoil Overseas Holding Ltd” Andrey Kuzayev and first vice-president of the National Oil Company “KazmunayGas” Timur Kulibayev have signed two optional agreements on exploration and extraction of hydrocarbon reserves in the Kazakh and Russian sectors of the Caspian Sea.
The parties have defined perspective water areas of both countries and exchanged geological information.
In accordance with the agreement, if Russian meets its obligations Kazakhstan will allow “Lukoil” to fulfill 50 percent of works on two areas of its shelf. “Lukoil” also stated it would give the same guarantee to “Kazmunaygas” in its sector.
The agreement is, by all accounts, an important document, which specified the mechanism of the joint project.
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