KazMunayGas, Lukoil invest in Kazakhstan’s offshore future

In a significant move for Kazakhstan's oil and gas industry, the national company KazMunayGas has partnered with Russia's Lukoil to invest a staggering $6 billion in the development of the Kalamkas-Sea and Khazar fields, located in the Kazakh sector of the Caspian Sea, Report informs referring to Kazakh media.

“Agreements on the project have been signed, and for implementation purposes a joint venture has been created - project operator Kalamkas-Khazar Operating LLP,” reads the statement.

The project participants are JSC National Company KazMunayGas (50%) and PJSC Lukoil (50%).

As part of the development plans, the joint venture is set to commence construction of offshore platforms at Kazakh shipyards in 2026. This strategic decision not only expedites the start of production at the Kalamkas-Sea field but also supports the growth of Kazakhstan’s shipbuilding industry and creates local employment opportunities.

The Ministry of Energy of Kazakhstan has expressed confidence in the project's potential to bolster the country's economic growth. The development of the Kalamkas-Sea and Khazar fields is expected to significantly increase Kazakhstan's oil production capacity, attracting foreign investment and generating substantial revenue for the nation.