Kazakhstan projects volume of oil to be produced jointly with Russian LUKOIL

Kazakhstan Materials 5 October 2021 11:21 (UTC +04:00)
Kazakhstan projects volume of oil to be produced jointly with Russian LUKOIL

BAKU, Azerbaijan, Oct. 5


The planned joint oil production by Kazakhstan’s KazMunayGas and Russian LUKOIL will amount to about four million tons, the Minister of Energy of Kazakhstan Magzum Mirzagaliyev said at a government meeting, Trend reports citing Kazakh media.

In September 2021, it was reported that Kazakhstan will start the development of Kalamkas Sea and Khazar oil fields in cooperation with LUKOIL. According to Mirzagaliyev, KazMunayGas and LUKOIL are currently discussing options for the Development and Production Concept for these fields.

“Given the importance of the issue, KazMunayGas needs to finally decide on the Concept version by the end of this year,” Mirzagaliyev said.

Mirzagaliyev noted that the planned oil production at these fields will amount to about four million tons annually, from 2028.

At the same time, the volume of investments is projected to be $4.5 billion.

“The implementation of these projects will ensure the loading of the coastal infrastructure, as well as guarantee new volumes of work and services for the service enterprises of the region, which in turn will create new jobs,” the minister said.

“These projects were not included in the Comprehensive Development Plan, since their implementation will begin in 2025. However, they will certainly have a significant effect on the socio-economic development of the region,” Mirzagaliyev added.