Lukoil and KazMunayGaz have signed a heads of agreement calling for negotiation of mineral rights on the I-P-2 block offshore Kazakhstan.
The block is 130 km off Aktau in 300-400 m of water. Lukoil said 2D seismic surveys have been shot over the area.
The next step will be conclusion of a contract for hydrocarbon exploration and formation of a joint venture in charge of block operations.
