MOSCOW, Apr 3 (PRIME) -- Russian oil company Lukoil has signed an agreement with the Energy Ministry of Kazakhstan and KazMunayGas to explore and develop hydrocarbons on the Zhenis block, the company said in a statement on Wednesday.
ZhenisOperating, a joint venture owned by Lukoil and KazMunayGas on a parity basis, will be the operator of the project.
“In accordance with the concluded contract the main minimal obligations include drilling of one exploration well and a 3D seismic survey,” the company said.
Lukoil CEO Vagit Alekperov said in February that investment in geological exploration on the Zhenis block are planned at around U.S. $350 million. The Zhenis license area covers 6,848 square kilometers and is located 80 kilometers offshore and 180 kilometers off the Kazakh port of Aktau.
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