Russian oil company Lukoil has agreed to acquire a stake in an offshore block in the Kazakh sector of the Black Sea.
Lukoil's president Vagit Alekperov and Chairman of Kazakhstan's "KazMunayGas" Alik Aidarbayev last Friday signed a sale and purchase deal for a 49.99% stake in the charter capital of Al-Farabi Operating LLP.
The deal will see Lukoil join the exploration and production project on the Al-Farabi block - previously known as I-P-2 block - in the Kazakhstan sector of the Caspian Sea.
"The companies' decision to join efforts in the development of the Al-Farabi block is another step in their continuous fruitful cooperation. LUKOIL, the Ministry of Energy of the Republic of Kazakhstan and KazMunayGas had earlier concluded a contract for hydrocarbon exploration and production on the Zhenis block," Lukoil said.
LUKOIL and KazMunayGas are also strategic partners in the large-scale Karachaganak and Tengiz projects, in joint ventures that develop the Khvalynskoye and Tsentralnoye fields, as well as in the Caspian Pipeline Consortium oil transportation project.
