KazMunayGas and LUKOIL Enhance Partnership

On 16 June 2022, during the Saint Petersburg International Economic Forum (PIEF), Magzum Mirzagaliyev, Chairman of the Management Board of JSC NC “KazMunayGas” (KMG), and Vadim Vorobyov, President of LUKOIL PJSC (LUKOIL), signed Supplementary Agreement No. 1 to the Kalamkas-Offshore and Khazar Project Principles Agreement.

The document sets out the selection activities for field development concept and the commercial terms for joint implementation of the project.

“Signing of this agreement is an important milestone for all its parties, which will definitely boost the development of cooperation between our companies. I am certain that all our future plans will be implemented through joint efforts,” noted Mr. Mirzagaliyev, Head of KMG.

Moreover, a trilateral meeting took place during the PIEF with the participation of Almassadam Satkaliyev, Chairman of the Management Board of Samruk-Kazyna JSC, Magzum Mirzagaliyev, Head of KMG, and Vadim Vorobyov, President of LUKOIL PJSC. During the negotiations, the parties discussed the progress under the ongoing projects and the further cooperation areas.

Let us recall that on 16 November 2021, KMG and LUKOIL signed the Kalamkas-Offshore and Khazar Project Principles Agreement, which sets out the concept, details and terms for the joint field development.

For reference:

The Kalamkas-Offshore, Khazar and Auezov fields are located in the Kazakh Sector of the Caspian Sea.

The distance to the shore is 60 km. The water depth is 7 to 9 m.