The Lukoil company paid $200 million to enter into joint projects with the Kazakh national oil and gas company KazMunayGas to develop the Kalamkas-Sea, Khazar and Auezov fields on the Caspian shelf, Report informs via Kommersant.
The deal also involves the payment of an additional premium of $100 million upon fulfillment of conditions precedent for the project.
In 2023, KazMunayGas sold 50% of Kalamkas-Khazar Operating to Lukoil, which owns the licenses for these fields.
KazMunayGas previously said that production is planned to start at the Kalamkas-Sea, Khazar, and Auezov fields in 2028.
According to KazMunayGas, the total predicted recoverable resources of Kalamkas-Sea and Khazar are about 81 million tons of oil, and 22 billion tons of gas.
In February 2023, the Kalamkas-Khazar Operating company was created specifically for the development of the Kalamkas-Sea, Khazar and Auezov fields.