Lukoil PJSC has closed a $1.09 billion deal to sell its 50% share in Caspian Investments Resources Ltd. to Sinopec, according to a news release.
The required permits from the state authorities of the Republic of Kazakhstan were acquired in late July 2015.
Caspian Investments Resources Ltd. has been participating in the development of five hydrocarbon fields in Kazakhstan. They are the Alibekmola and Kozhasai in the Aktyubinsk region and Karakuduk, North Buzachi and Arman in the Mangistau Region, the release said. Lukoil joined these projects in December 2005.
Currently, Lukoil continues to develop oil and gas projects in Kazakhstan at the Tengiz, Karachaganak and Kumkol fields, and remains a member of the Caspian Pipeline Consortium, the release said.
In 2014, Lukoil said its share of production in Kazakhstan amounted to about 4.3 million tonnes of oil and about 1.5 billion cubic meters of commercial gas.
Recommended Reading
Subsea Services Market Expected to Top $7 Billion in 2023
2023-01-31 - Rystad Energy sees increased brownfield activity driving a 20% increase in projected spend in the subsea services market in 2023.
New ChampionX Cage Design Lowers Pressure Drop to Reduce Rod Lift Wear
2022-12-05 - ChampionX’s re-engineered cage design minimizes energy loss when opening and closing its reciprocating rod pump cage.
Halliburton Advances Downhole Completion Technology in Brazil
2022-11-30 - Halliburton plans to continue updating its Fuzion-EH downhole connector for implementation by Brazil’s Petrobras in 2023.
Data Bridges the Gap Between Geosciences, Operations
2022-12-13 - Getting data out of silos helps operators optimize subsurface activities, according to Alex Edwards of Ikon Science.
Nabors Unveils Next Stage of Fully Automated Land Drilling
2022-11-16 - Nabors retrofitted an existing rig with its “first-of-its-kind robotics module,” named RZR and has successfully drilled multiple horizontal wells for Exxon Mobil in the Permian Basin, the company said Nov. 16.