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LUKOIL wants to complete negotiations on Khvalynskoye field by year end

18 мая 2012, 11:26
Lukoil stationary oil platform at Caspian Sea. ©RIA Novosti
Lukoil stationary oil platform at Caspian Sea. ©RIA Novosti
LUKOIL is hoping for completion of negotiations on Khvalynskoye field by the end of the year, Tengrinews.kz reports citing President of LUKOIL Vagit Alekperov as saying at the ceremony of signing the memorandum of understanding with KazMunaiGas.

“We have two joint projects at the Caspian Sea this year. One is Khvalynskoye field, where LUKOIL and KazMunaiGas are partners. Preparatory works of Russian Government and Russian State Duma are in process to develop the Production Sharing Agreement. Joint teams are working, the license has been obtained, so we hope that the negotiations process will be completed by the end of this year,” Vagit Alekperov said.

He also told about implementation of the second joint project with KazMunaiGas national company that also involves Russian oil company Gazprom Neft. “Joint teams are also working there and a joint company is being established. We hope that it will be registered in the nearest time. A universal exploration and production license will be obtained. Everything goes as planed,” President of LUKOIL stated.

Khvalynskoye oil and gas condensate field of Russia and Kazakhstan is located in the northern part of the Caspian Sea 260 km from Astrakhan. It was discovered in 2000. Its reserves are estimated at 332 billion cubic meters of natural gas, 17 million tons of gas condensate and 36 million tons of oil. The field is operated by Caspian Oil and Gas Company.

Earlier Tengrinews.kz English reported that the heads of KazMunaiGas and LUKOIL signed a memorandum of understanding and the general agreement on cooperation in personnel management.

By Aidana Ussupova

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