PJSC Lukoil acquired interest in Al-Farabi block (previously known as I-P-2 block) in the Kazakhstan sector of the Caspian Sea via purchase agreement of 49.99% of Al-Farabi Operating LLP from KazMunayGas National Co. JSC (KMG), continuing Lukoil’s interest in Caspian projects (OGJ Online, Oct. 8, 2020).
Water depth within Al-Farabi's more than 6,000-sq km area is 150-500 m, distance to the shore is 100-130 km. The block has had 2D seismic performed and is near fields with proven hydrocarbon reserves.
Lukoil, the Ministry of Energy of the Republic of Kazakhstan, and KMG had earlier concluded a contract for hydrocarbon exploration and production on adjacent Zhenis block. Lukoil and KMG are also strategic partners in the large-scale Karachaganak and Tengiz projects, in joint ventures developing Khvalynskoye and Tsentralnoye fields, and in the Caspian Pipeline Consortium oil transportation project.
