RusEnergy

27 April 2007 - Upstream staff - Spain's Repsol YPF and Russian player Lukoil have bought 25% stakes in Zhambai, a Kazakh holding company which is developing the South Zhambai block in the caspian Sea, Kazakhstan's state-run company KazMunaiGaz said today. Lukoil bought its share through a joint venture with Mittal Investments called Caspian Investment Resources. Financial terms were not disclosed. "Today in Astana, KazMunaiGaz, Caspian Resources and Repsol signed new versions of the founding agreement and articles of association of Zhambai LLC," it said in a statement. KazMunaiGas said the deal was originally agreed in November 2006. According to data cited by Moscow brokerage Aton, the Zhambai oilfield is estimated to hold reserves of 6.8 billion barrels of oil equivalent.