Repsol, Lukoil, Mittal Sign Kazakh Zhambay Block Agreement

MOSCOW Apr 27, 2007 (Dow Jones Newswires)

Repsol YPF SA (REP) and a joint venture between Russia's OAO Lukoil Holdings (LKOH.RS) and Mittal Investments have signed a deal to take part in an exploration and production venture along with Kazakh state oil company KazMunaiGaz, Lukoil said Friday.

The venture, called TOO Zhambay, has a production sharing agreement to explore and develop the offshore blocks of South Zhambay and South Zaburunye in the Kazakh sector of the Caspian sea for oil and gas. The combined area of the exploration blocks exceeds 2,000 square kilometers.

KazMunaiGaz will have a 50% in Zambay. Repsol will take a 25% stake, while Caspian Investment Resources -a joint venture between Lukoil and Mittal -will also take a 25% stake.

Copyright (c) 2007 Dow Jones & Company, Inc.

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