LUKOIL Completes Sale of 50% Stake in Five Kazakh Oil, Gas Fields to Sinopec

LUKOIL has closed a deal to sell its 50 percent share in Caspian Investments Resources to Sinopec.

The required permits from the state authorities of Kazakhstan were acquired in late July 2015, the Russian firm said Thursday.

According to the contract LUKOIL receives $1,087 million.

Caspian Investments Resources 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 utilisation facilities were launched. Since 2006, LUKOIL's share of the cumulative production of these fields amounted to over 13 million tonnes of oil and over 300 million cubic meters of commercial gas.