Under the deal, both sides would enter into a long-term contract for the supply of gas from the Karachaganak field in Kazakhstan to the Orenburg facility. The joint venture creation issue is pending approval by Gazpromís board of directors.
The Karachaganak gas condensate field is located in the Aksai district of the Ural region in Kazakhstan. It is located 130 km from Gazpromís Orenburg Gas Processing Plant.
The Karachaganak field is explored and developed by the Karachaganak Integrated Organization--Karachaganak Petroleum Operating B.V., representing the consortium of several oil and gas companies and Lukoil, which owns a 15-percent stake. The field development project is expected to increase annual gas production by up to 25 bcm by 2012.
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