Lukoil, KazMunayGas JV to start development in 2028

ALMATY, Feb 22 (PRIME) -- Kalamkas-Khazar Operating, a joint venture (JV) between Russia's Lukoil and Kazakhstan's KazMunayGas, plans to start development of the Kalamkas-Khazar field in 2028, the Mangystau Region administration said in a statement citing CEO of the operator Kurmangazy Yeskaziyev on Wednesday.

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

According to the CEO, output is planned at 4 million tonnes per year.

The reserves of the Kalamkas-Sea and Khazar fields are estimated at 81 million tonnes of oil overall. Direct investment is estimated at U.S. $6 billion.

Lukoil and KazMunayGas signed several agreements on the Kalamkas-Sea, Khazar, Auezov zone on February 9, with Lukoil getting a 50% stake in the operator.

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