KazMunaiGas, Lukoil, Gazprom JV Granted Subsoil Use Licence

KazMunaiGas, Lukoil, Gazprom JV Granted Subsoil Use LicenceLLC Neftegazovaya Kompaniya Tsentralnaya (Central Oil and Gas Company), a joint venture of PJSC LukOil, PJSC Gazprom and JSC NC KazMunayGaz (25% stake owned by LukOil), has been granted the subsoil licence for the Tsentralnaya structure in the Caspian Sea.

The Russian Federation government has granted a decree for a term of 27 years including the seven-year geological exploration phase, to perform geological exploration of the subsurface resources and to produce hydrocarbons.

The subsoil licence was granted under the agreement on delineation of the northern Caspian seabed between the Russian Federation and the Republic of Kazakhstan. The protocol to the agreement was amended by the Russian and the Kazakh presidents on 15 October 1 2015.