Russian producer Lukoil has sold its 50% share in Caspian Investments Resources to China’s Sinopec for $1.08billion.
The required permits from the state authorities of the Republic of Kazakhstan were acquired in late July 2015.
Caspian Investments has been participating in the development of five hydrocarbon fields in Kazakhstan (Alibekmola and Kozhasai in the Aktyubinsk Region and Karakuduk, North Buzachi and Arman in the Mangistau Region).
Lukoil joined these projects in December 2005. Over the last decade, more than 1,600 wells were drilled, oil production capacities were expanded, injection systems were upgraded and a series of associated petroleum gas utilization facilities was launched.
Since 2006, Lukoil’s share of the cumulative production of these fields amounted to over 13million tonnes of oil and over 300million cubic meters of commercial gas.
The company remains the largest Russian investor in Kazakhstan and will retain oil and gas projects in Kazakhstan, at the Tengiz, Karachaganak and Kumkol fields.
Lukoil is also a member of the Caspian Pipeline Consortium.
In 2014, its share of production in Kazakhstan amounted to approximately 4.3million tonnes of oil and about 1.5billion cubic meters of commercial gas.
Earlier this month Lukoil was awarded the rights to develop the Vostochno-Taimyrsky block in Eastern Siberia.
