BAKU, March 17. /TASS/. Russia’s oil major Lukoil and Kazakhstan’s KazMunayGas have set up a joint venture to conduct exploration at the Zhenis block in the Caspian Sea and will start exploration within a year, Kazakhstan’s Energy Minister Kanat Bozumbayev told reporters on Sunday.
"This year," he said when asked when the companies plan to start exploration at the block, adding that the two companies have already had direct talks and are about to enter into the subsoil use contract.
Bozumbayev also said that currently Lukoil’s participation in exploration of another Caspian block is under discussion, adding that he expects the documents to be signed in the first half of 2019.
Lukoil and KazMunayGas made an agreement on principles for the Zhenis block in the Kazakhstani sector of the Caspian Sea on June 5, 2018.
The Zhenis block is located in the Kazakhstani sector of the Caspian Sea at a depth of 75-100 meters. The distance to the shore is 80 kilometers and to the port of Aktau (Kazakhstan) - 180 kilometers. The license area totals 6,848 square kilometers.