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Astana, Kazakhstan • 27 February 2023

Lukoil and KazMunayGas Plan New Drilling Campaign in Caspian Sea

The $6 billion project is expected to start in 2028

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Chingiz Samedzadeh
Chingiz Samedzadeh

KazMunayGas (KMG) and the Russian company Lukoil plan to start oil production in the Caspian Sea, said Mangistau Akimat’s press service, QazMonitor reports.

"An oil and gas project to develop the Kalamkas-Sea, Khazar, and Auezov fields begins in Mangistau. According to the project, the first production on the Kalamkas–Khazar field is expected to start at the end of 2028. Construction work on its offshore platform will begin in late 2024," said Kurmangazy Eskaziyev, General Director of Kalamkas-Khazar Operating LLP.

About $6 billion of direct investments will be attracted to this project. The initial stage is estimated to create 2,000 new jobs. Production is expected to start in 2028 and will be 4 million tons of oil per year.

"The Russian oil company Lukoil is the foreign strategic partner of KMG. Development of the improved model contract in the sphere of subsoil use for complex projects on exploration and production of hydrocarbons helped us to reach agreements," said Eskaziyev.

Kalamkas–Khazar Operating was created specifically for the Kalamkas-Sea and Khazar fields on the Caspian Sea shelf. Total reserves of the area according to the structure equal 81 million tons of oil.

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