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LUKOIL concludes contract on Zhenis block in Kazakhstan

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Oilfield Technology,

PJSC LUKOIL (‘LUKOIL’), the Ministry of Energy of the Republic of Kazakhstan and JSC NC KazMunayGas (‘KazMunayGas’) have concluded a contract for the exploration and development of hydrocarbons on the Zhenis block in the Kazakh Sector of the Caspian Sea Zhenis Operating LLP (a fifty-fifty joint venture between LUKOIL and KazMunayGas) will be operator of the project.

In accordance with the concluded contract main minimal obligations include drilling of one exploration well and a 3D seismic survey.

The new project in the Caspian Sea is an important step in expanding the resource base in the region which has a strategic importance for the Company and where it has accumulated considerable expertise.

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