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Russian oil giant LUKOIL has sold 50% in Caspian Investment Resources Ltd. to China’s Sinopec, Tengrinews reports citing Russia’s Vedomosti.
Russian oil giant LUKOIL has sold 50% in Caspian Investment Resources Ltd. to China’s Sinopec, Tengrinews reports citing Russia’s Vedomosti.
The sales agreement was signed April 15. The deal is worth $1.2 billion and is subject to some adjustments. To be finalized before the end of 2014, the deal needs consent of respective public bodies in Kazakhstan.
As a result of the deal, China’s Sinopec will hold the entire 100% in Caspian Investment. The latter holds shares in oil projects Severnye Buzachi, Karakuduk, Arman, Kazakhoil-Aktobe (at Alibekmola and Kozhasai oilfields). The overall reserves of the oilfields are estimated at 160 million tons.
A source close to LUKOIL told a Vedomosti journalist that the production was declining at these oilfields, with the production figure growing only at Severnye Buzachi. The latter is expected to reach its plateau soon, to be followed by a decline.
Production at the oilfields is still economically viable but calls for new investments, whereas LUKOIL wants to concentrates on other projects in Kazakhstan, according to the source.
According to Vagit Alekperov, LUKOIL head, the company plans to redirect funds into geological exploration, including in the Kazakhstan’s part of the Caspian Sea. Besides, in April the company will announce a contest to develop a lubricant producing plant in Almaty.
LUKOIL will retain its shares in Kumkol, Karachaganak and Tengiz oilfields and will remaina shareholder in the Caspian Pipeline Consortium (CPC).
