Vedomosti learned about LUKOIL’s 50% stake in an export project on the shelf of Kazakhstan
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LUKOIL will receive 50% in a joint project with Kazakhstan’s state company Kazmunaigas to develop three hydrocarbon fields on the shelf of the Caspian Sea. The newspaper reported Vedomosti with reference to a representative of Kazmunaigas.
On February 6, the Ministry of Energy of Kazakhstan and Kazmunaigas signed a contract for the extraction of hydrocarbons at the Kalamkas-Sea, Kakhar and Auezov sites. LUKOIL was chosen as a strategic partner of Kazmunaigas. The implementation of the project involves a “signing bonus” of $32 million and direct investments in excess of $6 billion.
The design level of production at the site has not yet been determined. The extracted raw materials will be exported, as well as to the domestic market of Kazakhstan. As a representative of KazMunayGas told Vedomosti, the development of the site is planned mainly with the involvement of Kazakh companies, shipyards and sites.
A preliminary agreement on the development of the Kalamkas-Sea, Kakhar and Auezov fields was signed back in 2021 and 2022. The total reserves of the fields of the first two fields were estimated at 67 million tons of oil and 9 billion cubic meters. m. of gas, Auezov – 10 million tons of oil and 3 billion cubic meters. m. of gas.
LUKOIL is already developing several fields in the Russian sector of the Caspian Sea. In addition, the company is already implementing several joint projects with Kazmunaigas. In 2019, LUKOIL entered into a contract for the development and production of raw materials at the Zhenis block, receiving a 50% stake. In the summer of 2021, an agreement was signed to purchase a 49.99% stake in the Al-Farabi project.
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