KazMunayGas and Lukoil to receive 50% stake each in project to develop Kalamkas-Sea and Khazar fields

ALMATY. Feb 9 (Interfax) - Kazakhstan's KazMunayGas (KMG) and Russia's Lukoil will have equal stakes in the project to develop the Kalamkas-Sea and Khazar fields located in Kazakhstan's sector of the Caspian Sea, KMG's press service said.

"The stakes in the project will be distributed as follows, with KMG having 50%, and Lukoil having 50%," KMG said in a comment to an inquiry from Interfax.

KMG said that, under Kazakh law, the project is classified as difficult, so there are plans to export oil from the fields, but the resource developer will also have the option to ship to the domestic market.

The "resource block is located on the territory of Kazakhstan and, accordingly, the oil will be of Kazakh origin," the company said in response to a question about possible export markets.

The project presumes joint decision making on issues concerning the development of the fields. It will be possible to return to the issue of the possible level of production under the project "after the approval of the field development plan within the context of the contract and the Code on Subsoil Resources of the Republic of Kazakhstan," KMG said.

Field infrastructure for the Kalamkas-Sea, Khazar and Auezov block is expected to be developed primarily using Kazakh companies, shipyards and other facilities.

Lukoil is developing several fields in similar conditions in the Russian sector of the Caspian, and KMG is also involved in the development of the Kashagan field on the Caspian shelf, the company said when asked about the availability of the necessary technology and possible difficulties due to sanctions.