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KAZAKHSTAN: Joint venture construction plans for proposed $3,000,000,000 offshore oilfield development project are expected to be implemented subsequent to the completion of a successful exploration development, OAO LUKOIL [Russia] & KAZMUNAIGAZ [Kazakhstan] - Order #: 116103.
WWP-Business Opportunities in Eastern Europe & the CIS, November, 2003
PROJECT OVERVIEW:
Russia-based OAO LUKOIL has reportedly invested some $1,500,000,000 in various energy projects in Kazakhstan during the last 8 years. And, the company is currently gearing-up to invest another $3,000,000,000 in order to develop Kazakhstan's offshore Dostyk oil field. However, the development is only expected to proceed ahead if its exploration works, due to start next year, enable finding large recoverable reserves.
According to Vagit Alekperov, LUKOIL President, his company hopes to conclude a joint venture agreement for the said block with the state-owned KAZMUNAIGAZ within the next 2 or 2 1/2 months. As a result, the contract might be signed in the first quarter of next year, after which LUKOIL could start financing exploration...
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