The Al-Farabi block was previously known as I-P-2 block. Credit: MustangJoe from Pixabay.

Russia’s Lukoil has signed an agreement with JSC NC KazMunayGas to acquire a 49.99% stake Al-Farabi offshore project in Kazakhstan.

Under the agreement, the Russian firm will purchase the stake in the charter capital of Al-Farabi Operating LLP. The deal was signed at the St Petersburg International Economic Forum (SPIEF) 2021 event.

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Upon the completion of the deal, Lukoil will jointly undertake the exploration and production activities on the Al-Farabi block, which was previously known as I-P-2 block.

Located in the Kazakhstan sector of the Caspian Sea, bordering the block of Zhenis field, the Al-Farabi block covers an area of more than 6000km².

The deal follows a contract signed earlier between Lukoil, the Ministry of Energy of the Republic of Kazakhstan, and Kazakhstan state-owned oil and gas company KazMunayGas for hydrocarbon exploration and production on the Zhenis block other projects.

Currently, Lukoil is working as a strategic partner with KazMunayGas in the development of the large-scale Karachaganak and Tengiz projects.

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The two firms are also working in joint ventures to develop the Khvalynskoye and Tsentralnoye fields, as well as in the Caspian Pipeline Consortium oil transportation project.

Last year, Lukoil said it launched the second phase of the development drilling programme of the Offshore Ice-Resistant Fixed Complex 2 (OIRFC 2) at Vladimir Filanovsky field.

Discovered in 2005, the Vladimir Filanovsky field is located approximately 50km offshore in the northern part of the Caspian Sea.

The second stage of the field is intended to maintain production at a proposed rate of six million tonnes per annum (Mtpa).