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08 Feb 2018, Natalia Mihailova, EMIS Editor

Lukoil eyes new deal on fields development in Kazakhstan

Russia's Lukoil, which has been working in Kazakhstan since 1995, seeks to ink new deal on Caspian fields development in Kazakhstan, Trend reported, referring to Lukoil's president Vagit Alakparov’s announcement.

Kazakhstan, holding 3% of the world's oil reserves, is among the top 15 countries in the world in terms of proven oil reserves, Trend added. In late 2017 Kazakhstan approved a new Code on subsoil and subsoil use, aimed at removing barriers in the work of subsoil users, improving the sectoral legal framework, attracting foreign direct investment into the industry and opening new fields.

The Russian oil giant has remarked that these changes in the Kazakh legislation are welcoming and critical for the company in preserving and building up the competence it has developed in the region.

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