JSC NC KazMunayGas (KMG) is reviewing the format of its participation in the development of the offshore fields Kalamkas-Sea and Khazar against the backdrop of US sanctions restrictions on PJSC Lukoil.
WHY KMG IS LOOKING FOR NEW PARTNERS
KMG Deputy Chairman of the Board Kurmangazy Iskaziev stated at the international geological forum Geoscience and Exploration Central Asia that the company is considering options for the further development of the project following the imposition of sanctions on its former partner — PJSC Lukoil, reports ORDA.
"Lukoil has sanctions. We are looking at options for exiting the project taking the sanctions into account. How can we continue working if there are sanctions? So we are jointly looking for a way out, how to develop the project further given the sanctions conditions," said Iskaziev.
The company is currently considering alternative scenarios. Specific partners, decision-making timelines, and the format of participation for new investors have not been disclosed.
WHAT IS KNOWN ABOUT THE PROJECT
The project envisaged the joint development of the Kalamkas-Sea – Khazar – Auezov fields. The participants were KMG (50%) and Lukoil (50%).
First oil was expected by the end of 2029, and the total volume of investment was preliminarily estimated at $6.4 billion. A final investment decision was planned for 2025.
However, its implementation was suspended due to sanctions against Lukoil, imposed by the US Department of the Treasury on 15 October 2025.
WHY THE PROJECT IS IMPORTANT FOR THE REGION
According to Kurmangazy Iskaziev, the project has not only economic but also social significance.
"Constructing the platform at our shipyards means additional recruitment of labour in the Mangystau Region — up to 2,000 people. That is why we are interested in the rapid development of the project, but since our partner has been hit by sanctions, we will continue the project taking this into account. Clearly, these may be other partners; we are not yet holding negotiations, but we are considering it," added Iskaziev.