On June 5, 2018 in Astana the President of PJSC “LUKOIL” Vagit Alekperov and the Chairman of the Board of JSC “NC “KazMunaiGas” Sauat Mynbayev signed the Agreement on Principles for the “Zhenis” Block in the Kazakhstan sector of the Caspian Sea.
The signed Agreement assumes that the parties will form a consortium and will hold negotiations with the competent bodies of the Republic of Kazakhstan to obtain subsoil use rights in the said section.
It is important to note that in the course of 2017 the Ministry of Energy of the Republic of Kazakhstan carried out large-scale work to develop cardinal measures in the sphere of subsoil use, including geological exploration. Increase the investment attractiveness in the conditions of lower oil prices called the norms of the Code on Subsoil and the Tax Code.
A serious stimulus for activating investments in the sphere of subsoil use and geological exploration in particular was the adoption of the Code on Subsoil and Subsoil Use, which comes into force on June 29, 2018.After the entry into force of the Code, the procedure for granting subsoil use rights will be considerably simplified, the terms will be shortened (contract up to 40 workdays), administrative barriers will be reduced (legal, economic expertise, project document for contracting will be abolished).
For reference:
The “Zhenis” block is located in the Kazakhstan sector of the Caspian Sea at a depth of 75-100 m. The distance to the coast is 80 km, to the port of Aktau (Kazakhstan) - 180 km. The license area is 6 848 km2.
Press service of the Ministry of Energy of the Republic of Kazakhstan