Kazakhstan - 02

Kazakhstan: LUKoil May Contemplate Karachaganak Exit

On 14 June the Mazhilis ratified changes to an agreement between Kazakhstan and Russia that regulates demarcation and usage terms for the northern part of the Caspian Sea and three cross-border fields: Tsentralnoye, Khvalynskoye and Kurmangazy. Changes to Russian laws on subsoil use in 2008 allowed only state-controlled companies to continue offshore projects, and the presence of LUKoil, a private company, halted the development of Tsentralnoye field (of which a 50% stake is owned by KazMunayGas (KMG) and the rest split between Gazprom and LUKoil).

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