Russian, Kazakh oil giants unite for $6 billion Caspian field investment

Kazakhstan's national oil and gas company, KazMunaiGas, and Russia's Lukoil have announced plans to invest $6 billion in the development of the Kalamkas Sea and Khazar fields in Kazakhstan's sector of the Caspian Sea.

According to reports from Kazakh media cited by Caliber.Az, the country's Energy Ministry confirmed the agreements for the project, leading to the establishment of a joint venture named Kalamkas-Khazar Operating LLP to oversee its implementation.

The project will be jointly operated by JSC National Company KazMunaiGas and Lukoil PJSC, with each holding a 50% stake.

The Energy Ministry outlined that the joint venture aims to commence construction of offshore platforms at Kazakh shipyards by 2026 to expedite production startup at the Kalamkas Sea field.

This venture is anticipated to significantly enhance the economic prospects of Kazakhstan as a whole.