KazMunayGas and Lukoil Complete Registration of Sale of 50% Stake in Kalamkas-Khazar Operating
KMG reported full mutual understanding and the absence of any controversial issues in the negotiating positions of the parties
Oil and gas company of Kazakhstan “KazMunayGas” (KMG) and “Lukoil” complete registration of the sale of 50% stake in Kalamkas-Khazar Operating in favor of the Russian company. This was reported in the press service of KMG following the meeting of the Chairman of the Board of KMG Magzum Mirzagaliev with the leadership of PJSC Lukoil.
“We have reached the final stage of formalizing corporate procedures for the sale of a 50% stake in Kalamkas-Khazar Operating LLP in favor of Lukoil. I would like to note with satisfaction the complete mutual understanding and the absence of any controversial points in the negotiating positions of the parties,” the press service cites Mirzagaliev’s words. He expressed hope for the continuation of fruitful cooperation “and at the stage of project implementation.”
KMG noted that during the talks, the parties generally discussed topical issues of cooperation and promising areas of work, as well as exchanged views on joint activities on the Kalamkas-Sea, Khazar, Auezov project, located on the shelf of the Caspian Sea.
In February in Astana JSC NC “Kazmunaigas” and “Lukoil” signed a number of agreements on the project of development of the subsoil area “Kalamkas-Sea, Khazar, Auezov” in the Kazakhstani sector of the Caspian Sea. The parties signed an agreement of participants, an agreement on the sale and purchase of a 50% stake in the authorized capital of Kalamkas-Khazar Operating LLP (KCO) and an agreement on the conditions for financing the activities of the operator by the participants.
The project operator Kalamkas-Khazar Operating LLP plans to submit and approve the field development project at the Central Commission for Exploration and Development of Mineral Resources (CCRR) of Kazakhstan in the 3rd quarter of 2023.
Lukoil has been operating in Kazakhstan since 1995. The company, together with NC Kazmunaigas, participates in the Karachaganak, Tengiz, Zhenis, Al-Farabi projects, in the oil transportation project of the Caspian Pipeline Consortium, as well as in joint ventures for the development of the Khvalynskoye and Central deposits.
