Kazakhstan and Russia will start building offshore platforms in a joint project in 2026.

It is specified that the construction will begin with the installation of offshore platforms made of steel structures at the Kalamkas-More field.

In early April, Kuanysh Kudaibergenov, Deputy Chairman of the Board of KazMunayGas, said that for the first time in Kazakhstan, the field is planned to be operated using such platforms. During their construction, Kazakh shipyards in the Mangystau region will be involved, which are currently actually idle since the completion of construction work at Kashagan.

The Ministry of Energy recalled that the project intends to attract more than $6 billion in direct investments and create over 2 thousand jobs. It is planned to hire 300 employees at the operational stage.

How much did Lukoil's participation in the project cost

The Russian oil company Lukoil paid $200 million, or 94.6 billion tenge, for participation (purchase of a 50% stake) in the Kalamkas-Sea project jointly with KazMunayGas (KMG), it was reported in the audited financial statements of KMG for 2023. The project involves the development of the Kalamkas-more, Khazar and Auezov hydrocarbon fields. The deal lasted from February last year, and ended with full payment of the share in September. Under the terms of the agreement, Lukoil may pay another $100 million in additional remuneration "in case of fulfillment of certain conditions."

In turn, KMG invested 93.2 billion tenge (approximately $200 million) in the former subsidiary. The financial statements indicate that this amount represents an investment in a joint venture accounted for using the equity method.

The net loss of the operator of the Kalamkas-Khazar Operating project from January 1, 2023 to the date of loss of control on September 11 amounted to 233 million tenge, financial income – 7 million tenge. General and administrative expenses reached 108 million tenge. Assets amounted to 20.5 billion tenge, liabilities – 6 billion tenge. The income from the disposal of the subsidiary amounted to KZT 186.2 billion.

In September 2021, President of Kazakhstan Kassym-Jomart Tokayev announced the development of the Kalamkas-more and Khazar fields against the background of the gradual depletion of existing oil fields in Kazakhstan and a reduction in oil production by 2030. He said that Russia's Lukoil would be a strategic partner. Initially, it was planned to invest about $ 5 billion in the project.

Kalamkas-Khazar Operating was created specifically for the project to develop three hydrocarbon fields – Kalamkas-more, Khazar and Auezov. In February 2023, KMG and the Ministry of Energy signed an improved model contract for the production of hydrocarbons at this site. The implementation of the project involves the payment of a subscription bonus in the amount of $ 32 million, the attraction of direct investments in the amount of more than $ 6 billion and the creation of about 2 thousand new jobs at the initial stage of the development of the project.

The Kalamkas-more field is located in the central part of the northeastern sector of the Caspian Sea, 64 km from the coast.The Khazar deposit is located 30 km southwest of the Kalamkas Sea and 65 km northwest of the Buzachi Peninsula. They have been explored and have confirmed reserves placed on the balance sheet of Kazakhstan.

Joint projects of KMG and Lukoil

In June 2023, Kazakhstan and Russia signed a cooperation program on 29 industrial projects totaling about $9 billion. Former Kazakh Prime Minister Alikhan Smailov noted that in total, the countries have more than 100 industrial cooperation projects worth more than $22 billion, "and dozens of new projects are being added every year." Over the past 17 years, the volume of direct investments from Russia to Kazakhstan has reached about $20 billion. Kazakhstan's investments in Russia amounted to about $6 billion.

In addition to Kalamkas-Khazar Operating, KMG and Lukoil have four joint projects. In 2019, the Russian company signed a contract for the exploration and production of hydrocarbons at the Zhenis block, receiving 50% in a joint venture with KMG, and in the summer of 2021 signed an agreement to acquire 49.99% in the Al-Farabi project. Both sites are located in the Kazakh sector of the Caspian Sea, in close proximity to the Tsentralnoye (Lukoil and Gazprom Neft own 25% each) and Khvalynskoye (Lukoil's share is 50%) fields being developed jointly with KMG.

Lukoil and KMG are also considering the prospects of creating a consortium between their "daughters" – KMG Engineering and Lukoil-Engineering for cooperation in the field of engineering and scientific and technical support not only for Kalamkas/Khazar and other capital projects, but also for operational activities.

The controlling shareholder of KMG is the Samruk-Kazyna Fund (67.42% of shares), the share of 20% belongs to the Ministry of Finance, and 9.58% belongs to the National Bank. Samruk-Kazyna, in turn, is 100% owned by the government. The remaining part was placed on the stock exchange as part of the IPO. Initially, a share of 5% was announced, but in the end only 3% was placed at 8,406 tenge per paper.

Lukoil was established in 1992. It accounts for about 2% of oil production. At the moment, the exact structure of Lukoil is not disclosed. However, as of the spring of 2022, the founder of the company, Vagit Alekperov, directly owned and disposed of votes in respect of 3.12% of the shares. He also had a beneficial economic interest in 5.43% of the company's shares, for which he does not dispose of voting rights. In the prospectus for the issue of Lukoil Eurobonds dated September 2021, it was reported that Alekperov directly or indirectly owned or was a beneficiary (including through family trusts and mutual funds) of 28.33% of Lukoil shares, Leonid Fedun owned 9.32%.

In 2018, the Russian Forbes wrote, Alekperov owned 24.8% of Lukoil, Leonid Fedun — 9.9%. At that time, large blocks of shares in the company were owned by the structures of IFD Capital (about 8%) and Lukoil's daughter Lukoil Investment Cyprus (more than 16%).

Source: kz.kursiv.media