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On June 5. 2018. in Astana. Chairman of the Management Board of the National Company KazMunayGas Sauat Mynbayev and President of PJSC Lukoil Vagit Alekperov signed a principles agreement on Zhenis license area in the Kazakhstani sector of the Caspian Sea. the press service of the Ministry of Energy of the Republic of Kazakhstan reported. The signed agreement assumes the parties will set a consortium and hold negotiations with the competent agencies of the Republic of Kazakhstan to obtain subsoil use rights for the area agreed. the statement said. As noted. the approval of the Subsoil and Subsoil Use Code. which comes into force as of June 29. 2018. turned to be a booster to facilitate investments in subsoil use and geological exploration. As soon as the Code enters into force. the procedure for granting subsoil use rights will be simplified. the terms will be shortened (contract up to 40 working days) and administrative barriers (legal. economic expertise. project document for contracting) will be reduced. Zhenis block. with 6848 sq.km. is located in the Kazakhstani sector of the Caspian Sea at a depth of 75-100 m. at 80km distance from the coast and 180km away from the port of Aktau. Reportedly. Lukoil considers purchase of stakes in 2 new blocks on the Kazakhstani shelf of the Caspian Sea – I-P-2 and Zhenis. which France’s Total refused in 2012. The Russian oil company discusses entering into a new project with KazMunayGas. Other joint ventures of two companies – Central and Khvalynskoye – are located not far from the area considered. In Kazakhstan “Lukoil“ also operates on exploring the Karachaganak gas condensate field. Other members of the consortium taking part in the field development are Karachaganak Petroleum Operating B.V.. uniting British Gas (29.25%). Eni (29.25%). Chevron (18%) and Kazmunaygas (10%). Lukoil’s share in the consortium is 13.5%.
