"KazMunayGaz" involves "LukOil" in the development of fields in Caspian Sea

Kazakhstan's "KazMunayGaz" (KMG) company has engaged Russia's "LukOil" company to implement the "Kalamkas-deniz/Caspian" oil and gas project, Azernews reports, citing the post shared by Kuanish Kudaybergenov, the deputy chairman of the Board of Directors of "KazMunayGaz", on his telegram channel.

It was noted that "LukOil" was involved in this project due to the refusal of "Shell" and "Oman Oil" companies to develop these contract areas.

"The development of these fields was delayed due to a number of reasons, including the lack of economic feasibility related to exploitation. As a result, those companies refused to invest in these fields and returned these fields to the state," he said.

According to him, after long negotiations, "KazMunayGaz" attracted "LukOil", which has already implemented a number of similar projects in the Russian sector of the Caspian Sea, as a strategic partner.

K. Kudaybergenov said that investments in the amount of 6.5 billion US dollars are needed for the implementation of the project, and these deposits belong to the technologically "complex category".

The official of the company emphasized that along with LukOil, KazMunayGaz also has a 50% share in this project, and all decisions are made on the basis of parity between the participants of the joint venture: "Thus, the claims about KMQ losing control over the project are not true."