Kazakhstan seeks way forward for oil project stalled by Lukoil sanctionsKazakhstan is working to revive the Kalamkas-Sea and Khazar oil project in the Caspian Sea after sanctions on Russian partner Lukoil forced its suspension, the Energy Ministry said Wednesday."The Kalamkas-Sea and Khazar project is strategically important for the oil and gas sector. KazMunayGaz remains committed to the project. Given the current conditions (sanctions restrictions) options for further implementation are being explored," the ministry said in response to an Interfax-Kazakhstan inquiry.The ministry said it is working with all stakeholders to find a way forward. "Decisions will be made taking into account national interests, legal requirements, economic efficiency and ensuring the project's sustainable development. Timelines will be determined once this work is completed."KazMunayGaz CEO Askhat Khasenov told analysts in late March that the project had been put on hold. "Last year we completed the design phase for the joint Kalamkas-Sea and Khazar project, but given the sanctions imposed, further implementation has been suspended for now," he said at the time.The fields lie in Kazakhstan's sector of the Caspian Sea, with reserves estimated at 48.5 million tonnes of oil and 19 billion cubic meters of gas. Output was projected at around 4 million tons per year, or 80,000 barrels per day, with a plateau of at least five years. First oil had been expected in late 2029, with investment estimated at $6.4 billion.KazMunayGaz and Lukoil each hold a 50% stake in the joint venture. A final investment decision had been planned for 2025.Lukoil has operated in Kazakhstan since 1995, with stakes in major projects including Karachaganak (13.5%), Tengiz (5%) and Kumkol (50%), as well as a 12.5% share in the Caspian Pipeline Consortium. The U.S. Treasury added Lukoil to its sanctions list on Oct. 15, issuing a wind-down license, though several of its international projects in Kazakhstan, including CPC, Tengizchevroil and Karachaganak, were granted exemptions through Oct. 14, 2027. (ICE ALMATY)

Fonte notizia: INTERFAX