President of PJSC LUKOIL, Vagit Alekperov, and Chairman of the Management Board of JSC NC KazMunayGas, Alik Aidarbayev, signed a sale and purchase agreement for a 49.99% stake in the charter capital of Al-Farabi Operating LLP at the St. Petersburg International Economic Forum (SPIEF), according to LUKOIL’s press release.

Kazakhstan’s KMG Drilling & Services and Azerbaijan’s Caspian Drilling Company signed an agreement on drilling wells with the Kazakh Satti jack-up rig in the Azerbaijani sector of the Caspian Sea.

Kazakhstan signed an agreement to establish an international center for the development of oil and gas engineering.

Petrofac’s Engineering & Production Services (EPS), in a joint venture with Kazakhstan’s Isker, has secured an Engineering, Procurement, Construction, Pre-commissioning and Commissioning (EPCC) contract worth of $135 million for new water treating facilities in Atyrau.

Kazakshtan’s Energy Minister, Nurlan Nogayev, has confirmed that Kazakhstan will offset overproduction in May by lowering output in August and September.

Kazakhstan’s Minister of energy, Nurlan Nogayev, reported that Kazakhstan had produced 31.3 million tons of oil between the months January-April, which amounts to 102.6% of the production plan.

Officials from Saudi Arabia and Kazakhstan noted the importance of ongoing production cuts during a recent meeting in Uzbekistan.

Iraq, the UAE, and Kazakhstan, reiterated their support for January's production-cut agreement between OPEC and other major oil producers.

The Organization for Petroleum Exporting Countries (OPEC) could extend its oil output cuts to the end of 2017, provided other producers continue to cooperate on the deal.

Naftiran Intergraded Company Sàrl, Swiss-based subsidiary of the National Iranian Oil Company (NIOC), and France's Total will sign oil swapping deal for around 200,000b/d.