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Lukoil shut Kazakh projects on poor discoveries

August 23/2011

(Arabian Oil and Gas) -- Lukoil Overseas is shutting down two projects in the Kazakh sector of the Caspian Sea after geological exploration failed to find commercial reserves of hydrocarbons, according to an Interfax report citing Andrei Kirillov, head of the company's local affiliate in Astana.

He said that all commercial and social commitments under the projects had been met. He added that a drilling contractor is currently being selected for the third license section, Zhambai Yuzhny-Yuzhnoye Zaburunye. He also said "The process has been delayed in connection with the difficult operating conditions at that shallow water section and also due to the lack of appropriate drilling equipment in the region."

Work at the Atashsky section was performed by Atash a joint venture between KazMunayGas subsidiary KazMunayTeniz and Lukoil Overseas Atash. Under the terms of the contract, Lukoil bore all of the project costs in the geological exploration phase.

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