Lukoil, KazMunayGaz define roles for Caspian Sea project

PJSC Lukoil and JSC NC KazMunayGas signed agreements regarding the Kalamkas-Sea, Khazar, Auezov subsoil area development project in the Kazakh sector of the Caspian Sea. The agreements define rights and obligations of the subsoil user during joint development activities in the area, Lukoil said in a release Feb. 9.

The offshore oil fields lie about 60 km from the coast at a depth of 7-9 m and could produce 3-4 million tonnes/year of oil. Commissioning is expected in 2028.

The agreements will come into force following completion of transaction between the two companies that will result in both parties holding equal shares in Kalamkas-Khazar Operating LLC, the project’s operating company.​

In November 2021, the companies had signed an agreement on principles for joint development of the Kalamkas-Sea and Khazar project. The parties met in the Republic of Kazakhstan Feb. 1 to discuss current cooperation issues and business opportunities including conditions of joint work on the Kalamkas-Sea and Khazar project and opinions on development plans for Zhenis and Al-Farabi projects.

The companies cooperate on the Karachaganak, Tengiz, Al-Farabi and Zhenis projects, take part in the Caspian Pipeline Consortium oil transportation project, and in joint ventures to develop Khvalynskoye and Tsentralnoye fields.​