The venture was created in 2005 through Lukoil’s acquisition of Canada’s Nelson Resources.
It holds stakes in four Kazakzh onshore oil projects – Alibekmola & Kozhasai, North Buzachi, Karakuduk and Arman.
Lukoil’s share of the venture’s production ran to 10.2 million barrels of oil equivalent last year.
The Moscow-headquartered explorer said it aimed to optimise its Kazakh portfolio with the sale, which will leave it owning stakes in the Kumkol, Karachaganak and Tengiz projects as well as the Caspian pipeline consortium.
Lukoil chief executive Vagit Alekperov said that the independent planned to “reallocate the investments to geologic exploration projects, including those in the Kazakhstan sector of the Caspian Sea”.
The deal is expected to close by the end of the year subject to approval from the Kazakh authorities.