Russian oil firm Lukoil has signed several agreements with Kazakhstan's KazMunayGas in Astana regarding the Kalamkas-Sea, Khazar, Auezov subsoil area development project in the Kazakhstan sector of the Caspian Sea.
They define the rights and obligations of the subsoil user during joint development activities in the area.
The agreements will come into force following the completion of the sale and purchase transaction between Lukoil and KazMunayGas that will result in both companies holding equal shares in Kalamkas-Khazar Operating LLC, the operating company for the project.
In late 2021, LUKOIL signed a principles agreement on the Kalamkas-Sea, Khazar, Auezov project and became Kazakhstan's strategic partner in the development of these Caspian offshore subsoil areas.