KMG and LUKOIL Sign Principles Agreement for Kalamkas-Sea and Khazar Project
On 16 November 2021, Alik Aidarbayev, Chairman of the Management of JSC NC “KazMunayGas” (KMG), met with Vagit Alekperov, President of LUKOIL PJSC (LUKOIL).
The parties discussed the relevant issues of cooperation and implementation of their joint projects in Kazakhstan.
A Principles Agreement for the Kalamkas-Sea and Khazar Project was signed during the meeting. The document suggests further negotiations between KMG and LUKOIL to define the concept, details and terms of joint development of the fields.
“KMG and LUKOIL have cooperated effectively for many years. Today we discover new areas to extend the cooperation and sign the agreement for the Kalamkas-Sea and Khazar Project. I am confident that the project will give a new impetus to our mutually profitable partnership,” Mr. Aidarbayev noted.
“By signing the Principles Agreement, we lay a foundation for a dynamic interaction. We are glad we have new initiatives and projects that we can bring to life through the experience of our companies in the oil industry,” Mr. Alekperov emphasised.
It should be noted that the companies are involved in such projects as Karachaganak, Tengiz, Al-Farabi, Zhenis, in the Caspian Pipeline Consortium oil transportation project, as well as in joint ventures for the development of Khvalynskoye and Central fields.