On April 8, 2024, Russian oil giant LUKOIL acquired a 50% stake in the "Kalamkas-Sea/Caspian" project in Kazakhstan. KazMunayGas (KMG) released a statement regarding the deal. The "Kalamkas-Sea" and "Caspian" fields were previously under different contracts with operators facing delays due to various reasons. The government decided to merge the projects into one to increase efficiency.
After negotiations, KMG brought LUKOIL on board as a strategic partner, given their experience in similar Caspian Sea projects. This partnership was crucial in reviving the project, which required investments of around $6.5 billion and involves complex technologies. The project will utilize offshore platforms built in Kazakh shipyards, boosting economic activity and creating jobs in the region.
KMG holds a 50% stake in the project, with decisions made jointly. Reports claiming KMG lost control over the project are inaccurate. The project's management comprises an equal number of representatives from both companies, ensuring parity in decision-making. This collaboration marks a positive step towards the successful development of the offshore oil project in Kazakhstan.
