Russia’s LUKOIL and KazMunayGaz (KMG) signed on 20 September an agreement on joint exploration of hydrocarbon sites in Kazakhstan.

LUKOIL President Vagit Alekperov and KazMunayGas President Alik Aidarbayev signed the agreement during the LUKOIL president’s visit to Almaty.

Both companies agreed on the basic conditions for cooperation and expressed their readiness in a joint geological survey in order to assess the hydrocarbon potential of some sites in the Republic of Kazakhstan.

“KazMunayGas and LUKOIL have mutually beneficial partnerships,” Aydarbaev said. “The agreement signed today is another step in the development of our cooperation. I am sure that the combination of efforts and accumulated experience of both companies will contribute to more efficient work in conducting joint research and further sustainable development of the oil and gas sector of Kazakhstan as a whole,” he added.

KMG and LUKOIL are strategic partners in large projects Karachaganak, Tengiz, Kumkol, as well as in the Caspian Pipeline Consortium oil transportation project.