Page 19 - FSUOGM Week 09 2023

FSUOGM PROJECTS & COMPANIES FSUOGM

Lukoil, KMG target launch of Caspian

oilfields in 2028

EU THE Kalamkas-Khazar Operating joint ven- CNPC, TotalEnergies, Inpex and KazMunayGas
ture set up by Russia's Lukoil and Kazakhstan's (KMG). Kalamkas-Sea and Auezov were previ-
Lukoil is expanding its KazMunayGas (KMG) aims to start develop- ously controlled by the Kashagan consortium,
activities in the Caspian ment of the Kalamkas-Khazar oilfields in the while Khazar was under the operatorship of
region. Kazakh Caspian Sea in 2028, the Mangystau Shell, Oman Oil and KMG.
Region administration said in a statement last However, both of the groups abandoned the
week. projects in October 2019, citing the high cost
"Under the project, first output on the Kal- required to develop them. This came as a blow
amkas-Khazar deposits is planned for the end to Kazakhstan’s hopes of expanding offshore
of 2028. The construction of its sea platform oil production beyond Kashagan, which came
will begin at the end of 2024," the statement online in late 2016.
read. Lukoil signed a preliminary agreement to
Output from the project is expected to pla- develop the deposits in 2021.
teau at 4mn tonnes per year (80,000 barrels per Kazakhstan has looked to Caspian Sea oil
day), the CEO said. Reserves at the fields are and gas development as a means of reducing
assessed at 81mn tonnes. The project is set to dependency on its three largest oil projects,
bring in $6bn of direct investment. which besides Kashagan include the onshore
Lukoil and KMG signed several agreements Tengiz and Karachaganak fields, which together
on developing the Kalamkas-Sea, Khazar, Aue- account for around 60% of national supply.
zov zone on February 9, giving Lukoil a 50% The Caspian Sea is a core region for Lukoil.
stake in the project. In addition to its interests in Kazakh waters, the
Kalamkas-Sea, Khazar and Auezov are sat- company also operates producing fields off the
ellite deposits of the giant Kashagan oil project, coast of Russia and Azerbaijan, and has signalled
which is operated by an international con- an interest in exploring for deposits offshore
sortium comprising Shell, Eni, ExxonMobil, Turkmenistan as well. ™

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