FSUOGM: Lukoil, KMG target launch of Caspian oilfields in 2028

The Kalamkas-Khazar Operating joint venture set up by Russia's Lukoil and Kazakhstan's KazMunayGas (KMG) aims to start development of the Kalamkas-Khazar oilfields in the Kazakh Caspian Sea in 2028, the Mangystau Region administration said in a statement last week.

"Under the project, first output on the Kalamkas-Khazar deposits is planned for the end of 2028. The construction of its sea platform will begin at the end of 2024," the statement read.

Output from the project is expected to plateau at 4mn tonnes per year (80,000 barrels per day), the CEO said. Reserves at the fields are assessed at 81mn tonnes. The project is set to bring in $6bn of direct investment.

Lukoil and KMG signed several agreements on developing the Kalamkas-Sea, Khazar, Auezov zone on February 9, giving Lukoil a 50% stake in the project.

Kalamkas-Sea, Khazar and Auezov are satellite deposits of the giant Kashagan oil project, which is operated by an international consortium comprising Shell, Eni, ExxonMobil, CNPC, TotalEnergies, Inpex and KMG. Kalamkas-Sea and Auezov were previously controlled by the Kashagan consortium, while Khazar was under the operatorship of Shell, Oman Oil and KMG. 

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