Flying high: Russian player Lukoil hopes to establish itself as a major player in the Kazakh sector of the Caspian after significant development progress at its fields in the Russian part of the sea Photo: REUTERS/SCANPIX

Lukoil teams up with Kazakh state player to explore ice-free Caspian Sea block

Russian player and KazMunaiGaz set to work together on Al-Farabi tract

8 October 2020 13:33 GMT Updated 8 October 2020 13:33 GMT

By Vladimir Afanasiev

in Moscow

Russia's Lukoil is set to explore on a block in Kazakhstan's sector of the Caspian Sea after sealing a deal with state giant KazMunaiGaz.

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The pair will explore the Al-Farabi block — formerly known as I-P-2 — after agreeing to form a joint venture, following on from a 2019 agreement in principle.

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Exploration

Lukoil teams up with Kazakh state player to explore ice-free Caspian Sea block