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4 Mar, 09:55

KazMunayGas, Lukoil to decide on Kalamkas-Sea — Khazar project in 2025

KazMunayGas and Lukoil are the two participants in the Kalamkas-Sea - Khazar project with equal stakes

ASTANA, March 4. /TASS/. The final investment decision on the project envisaging development of Kalamkas-Sea and Khazar fields located in the Kazakh sector of the Caspian Sea is planned to be made by the end of 2025, Energy Minister of Kazakhstan Almassadam Satkaliyev said.

"Completion of FEED, tenders for EPC and final investment decision-making are planned in 2025," the minister said. According to forecasts, oil production in fields is to reach up to four million metric tons annually at zenith, Satkaliyev noted. Investments this year will total more than $40 mln.

KazMunayGas and Lukoil are the two participants in the Kalamkas-Sea - Khazar project with equal stakes. Project agreements were signed earlier and a joint venture was established to operate the project.