Lukoil wants to enhance its upstream presence in Kazakhstan. Lukoil and Kazakh state-controlled Kazmunaigaz (KMG) signed an initial deal in Astana this week that paves the way for exploration of unlicensed blocks. Lukoil president Vagit Alekperov said the company paid Astana $3mn for geological data that it will study with KMG to establish which project to select. This could take a year, he said. But industry observers say Lukoil could struggle to outbid Chinese companies for access to fresh Kazakh reserves.
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