Exploration deal for Zhenis edges closer

Russia’s Lukoil and Kazakhstan’s KazMunaiGaz have moved closer to firming up an exploration and development contract for the Zhenis block in the northern part of the Caspian Sea.

The deal between the privately held oil player and Kazahkstan’s state-controlled company is expected to be signed before end of the second quarter of this year.

Kazakhstan’s energy ministry said on Monday that, following direct talks with the two companies in Astana, Lukoil and KazMunaiGaz have agreed to a number of key terms for the project.