Astana and Tatneft May Begin Oil Production Near Tengiz in 2028
KazMunayGas and Tatneft have approved a plan for geological exploration at the Karaton Podsolevoye field next to the Tengiz field, and plan to begin production there by 2028
KazMunayGas plans to begin oil and gas production at the Karaton Podsolevoy site in Kazakhstan, jointly with Tatneft, in 2028.
A plan for geological exploration at the site has now been prepared and approved. The first exploratory well will begin to be drilled this year; financing will be provided by Tatneft, which owns 50% of the project. According to the agreement between the companies, if oil is not found at the site, then the costs will remain with Tatneft, and if everything goes well, they will be compensated.
Karaton Podsolevoy is located near the developing Kazakh fields Tengiz, Korolevskoye and several fields of the Embamunaigas company. Geological oil resources at the site are estimated at 353 million tons. Production at the site is projected at 4.5 million tons annually.
