KazMunayGas, Lukoil sign additional agreement on Kalamkas-Sea and Khazar Project

ST. PETERSBURG. June 17 (Interfax) - KazMunayGas CEO Magzum Mirzagaliyev and Lukoil President Vadim Vorobyov signed an additional agreement on the Kalamkas Sea and Khazar Project during the St. Petersburg International Economic Forum.

"According to the document, the companies will make a decision on a concept of development of the fields, as well as on commercial terms and conditions for joint implementation of the Project," KazMunayGas said.

KazMunayGas and Lukoil signed an agreement on principles for joint development of the Kalamkas-Sea and Khazar Project on November 16, 2021.

The Kalamkas-Sea, Khazar and Auezov offshore oil fields are located in the Kazakh sector of the Caspian Sea, about 60 km from the coast at a depth of 7-9 meters. The fields are expected to be commissioned in 2028 to produce 3-4 million tonnes of oil per year. The total cost of which is anticipated to around $5 billion.

Kalamkas-Sea was discovered in 2002. It is located 120 km southwest of Kashagan and very close to the Khazar field. The total recoverable reserves of Kalamkas-Sea and Khazar are estimated at 67 million tonnes of oil and 9 billion cubic meters of gas.