The Kazakh state-controlled oil and gas holding company said it will accept applications until mid-November from potential partners to form a joint venture to explore and possibly develop the Bolashak acreage. According to Kazakh authorities, the Bolashak block occupies about 5800 square kilometres, with some the acreage in the shallow waters of the northern Caspian Sea. KazMunayGaz said it would prefer possible investors from the Forbes Magazine Global 2000 list of top companies. That has left KazMunayGaz to seek closer partnership with Russian oil producers, even though Russian corporations are under international sanctions because of the invasion of Ukraine. According to Forbes, Lukoil is not in the 2023 Global 2000 list of corporations.

Source: Forbes September 15, 2023 12:09 UTC