KMG and LUKOIL continue talks on Kalamkas Sea-Khazar projectKazakhstan’s National Company KazMunayGas (KMG) and Russia's Lukoil are continuing consultations on options for the further implementation of the Kalamkas Sea-Khazar project, taking into account existing sanctions restrictions, KMG told Interfax-Kazakhstan."At present, consultations between the shareholders are ongoing regarding further options for the projects’ implementation, considering the current restrictions. (…) No decisions have been made regarding the purchase of Lukoil's stake or changes to the ownership structure in the Kalamkas Sea-Khazar project," KMG said in response to a query.The project is currently in the pre-final investment decision stage, the company said."The main FEED design work has been completed, while work continues on the conditions needed to move to the next stage," KMG said.In late March 2026, KMG CEO Askhat Khasenov told analysts during a video conference that the project to develop the Kalamkas Sea and Khazar fields in Kazakhstan's sector of the Caspian Sea, involving Lukoil, had been suspended."Last year, we completed the design stage of the joint Kalamkas Sea and Khazar project, but, due to the sanctions which have been imposed, further work on the project has been suspended," he said.The fields are located in Kazakhstan's sector of the Caspian Sea, with the pay horizons at depths of 1,500-2,000 meters below the seabed. Combined recoverable reserves are estimated at 48.5 million tonnes of oil and 19 billion cubic meters of gas. Expected production is about 4 million tonnes per year, with a production plateau of at least five years. First oil is expected by the end of 2029, with preliminary investment estimated at about $6.4 billion. A final investment decision on the project was to have been made in 2025.The stakeholder of the Kalamkas Sea-Khazar project are KMG (50%) and Lukoil (50%).Lukoil has operated in Kazakhstan since 1995, holding stakes in major oil and gas projects including Karachaganak (13.5% in field operator Karachaganak Petroleum Operating B.V.), Tengiz (5% in Tengizchevroil), Kumkol (50% in Turgai Petroleum), and Caspian Pipeline Consortium (12.5%). The U.S. Treasury Department placed Lukoil on a sanctions list in October 2025, issuing a license for winding down operations, though several international projects in Kazakhstan involving Lukoil were immediately exempted through October 14, 2027, including CPC, Tengizchevroil and Karachaganak. (ICE ALMATY)

Fonte notizia: INTERFAX