KazMunayGas, Kazakhstan's national oil and gas company, and Russia's Lukoil have reached the final stage of an agreement on corporate procedures for the sale of 50 percent of the share of Kalamkas-Khazar Operating LLP in favor of Lukoil, News.az reports.

The issue was discussed during the meeting between Magzum Mirzagaliyev, Chairman of the Management Board of KazMunayGas, and the Lukoil management.

During the talks, the parties discussed topical issues of cooperation and promising areas of work, as well as exchanged views on joint activities on the project "Kalamkas-Sea, Khazar, Auezov", located on the shelf of the Caspian Sea.

"I am pleased to note the complete mutual understanding and the absence of any controversial points in the negotiating positions of the parties. I am sure that our cooperation will be just as fruitful at the stage of the project implementation," Mirzagaliyev said during the meeting.

In February 2023, KazMunayGas and Russian energy corporation Lukoil agreed on the joint development of the Kalamkas-Sea, Khazar, Auezov subsoil in the Kazakhstani sector of the Caspian Sea.

The operator of the project, Kalamkas-Khazar Operating LLP, plans to submit and approve a Project for the development of deposits at the CCRR of the Republic of Kazakhstan in the third quarter of 2023.