<h1>Kalamkas - Khazar Oil and Gas Project,Kazakhstan</h1>

<p>The Kalamkas-Khazar Oil and Gas Project is an in-development offshore oil and gas project in Kazakhstan,operated by Kalamkas-Khazar Operating (KKO). The project covers the Kalamkas-Sea,Khazar,and Auezov offshore areas in the Kazakhstan sector of the Caspian Sea. KazMunayGas and LUKOIL are equal participants in the development vehicle.</p>

<h2>Quick Facts</h2>
<table>
<tbody>
<tr><td>Project Name</td><td>Kalamkas-Khazar Oil and Gas Project</td></tr>
<tr><td>Country</td><td>Kazakhstan</td></tr>
<tr><td>Fuel Type</td><td>Oil and gas</td></tr>
<tr><td>Production Type</td><td>Conventional</td></tr>
<tr><td>Status</td><td>In-development</td></tr>
<tr><td>Status Year</td><td>2023</td></tr>
<tr><td>Operator</td><td>Kalamkas-Khazar Operating (KKO)</td></tr>
<tr><td>Owner</td><td>LUKOIL PJSC (50%); National Company KazMunayGas JSC (50%)</td></tr>
<tr><td>Discovery Year</td><td>2007</td></tr>
<tr><td>Onshore/Offshore</td><td>Offshore</td></tr>
<tr><td>Basin</td><td>North Ustyurt</td></tr>
</tbody>
</table>

<h2>Project Overview</h2>
<p>The Kalamkas-Khazar Oil and Gas Project combines the Kalamkas-Sea,Khazar,and Auezov offshore fields into a single development framework. It is operated by KKO,a special-purpose company owned equally by KazMunayGas and LUKOIL. The project is in the development phase and has not yet entered commercial production. KazMunayGas and LUKOIL signed project agreements in February 2023,establishing the operating company and defining rights and obligations for the subsoil area. Front-end engineering and design (FEED) work has been initiated.</p>

<h2>Location and Basin</h2>
<p>The project is located offshore Kazakhstan in the Caspian Sea,approximately 60 km from Aktau. The basin is North Ustyurt. Water depths are shallow,around 6 to 8 meters depending on the field. Productive horizons occur in Middle Jurassic formations at approximately 1,500 to 2,000 meters below the seabed. The Kalamkas-Sea field is in the central part of the North-Eastern Caspian Sea; Khazar is southwest of Kalamkas-Sea and northwest of the Bozashy peninsula.</p>

<h2>Ownership and Operatorship</h2>
<p>KKO operates the project with 50% participation by LUKOIL PJSC and 50% by National Company KazMunayGas JSC. KazMunayGas holds the subsoil use right and selected LUKOIL as strategic partner. The project was framed under Kazakhstan’s improved hydrocarbon production model contract for complex projects. In 2026,public reports indicated that sanctions-related uncertainty around LUKOIL’s role had affected implementation,and KazMunayGas was considering options for the partnership.</p>

<h2>Development History</h2>
<table>
<tbody>
<tr><th>Milestone</th><th>Year</th><th>Details</th></tr>
<tr><td>Discovery</td><td>2007</td><td>Khazar discovery year; Kalamkas-Sea discovered in 2002,Auezov in 2008.</td></tr>
<tr><td>Development agreement</td><td>2023</td><td>KazMunayGas and LUKOIL signed project agreements and established KKO.</td></tr>
<tr><td>Recent status</td><td>2026</td><td>Implementation affected by sanctions uncertainty; KazMunayGas evaluated options.</td></tr>
</tbody>
</table>
<p>The project entered a formal development framework in 2023 when the first raw hydrocarbons production contract under Kazakhstan’s improved model contract was signed. FEED activity began in 2024,with an agreement signed with LUKOIL-Engineering’s affiliate FES and KMG Engineering. A final investment decision had not been publicly confirmed as of 2026.</p>

<h2>Infrastructure and Facilities</h2>
<p>Planned infrastructure includes offshore platforms,well drilling,and associated facilities. FEED is in progress. Detailed facility configuration,platform specifications,and export routing have not been fully disclosed. The project is a shallow-water offshore development requiring purpose-built Caspian installation methods.</p>

<h2>Production and Reserves</h2>
<p>KazMunayGas reported total recoverable reserves of 48.5 million tonnes of oil and 19 billion cubic meters of gas in its 2023 annual report,with expected production of about 4 million tonnes per year (approximately 80,000 barrels per day) and a plateau of at least five years. The 2024 annual report also cited expected peak production of around 4 million tonnes per year. A separate KazMunayGas project page indicated total predicted recoverable resources of 81 million tonnes of oil and 22 billion cubic meters of gas. The differences likely reflect varying reporting bases or resource classifications. Commercial production has not started; planned first production in the late 2020s or around 2029-2030 may be affected by sanctions-related delays.</p>

<h2>Recent Developments</h2>
<p>In 2023,KazMunayGas acquired subsoil rights and signed partnership agreements with LUKOIL. KKO was established. In 2024,FEED contracts were awarded and KazMunayGas indicated the project would require more than USD 6 billion in investment. In late 2025,Reuters reported LUKOIL was under U.S. sanctions but Kazakhstan’s energy minister stated existing LUKOIL projects continued to operate normally. In 2026,Kazakh media reported the project had been suspended or stalled due to sanctions uncertainty,and KazMunayGas was exploring options to move forward.</p>

<h2>Related Topics</h2>
<ul>
<li>Kazakhstan offshore oil and gas development</li>
<li>Caspian Sea upstream projects</li>
<li>KazMunayGas exploration and production projects</li>
<li>LUKOIL international upstream portfolio</li>
<li>Shallow-water offshore platform development</li>
<li>Complex hydrocarbon project model contracts</li>
<li>Sanctions risk in upstream project financing</li>
<li>Conventional oil and gas field development</li>
</ul>

<h2>Sources</h2>
<ul>
<li><a href="https://www.gem.wiki/Kalamkas-Khazar_Oil_and_Gas_Project_(Kazakhstan)" rel="nofollow noopener" target="_blank">Global Energy Monitor - Kalamkas-Khazar Oil and Gas Project</a></li>
<li><a href="https://www.kmg.kz/en/company/projects/all/proekt-sovmestnogo-osvoeniya-mestorozhdeniy-kalamkas-more-khazar/" rel="nofollow noopener" target="_blank">KazMunayGas - Kalamkas-Sea and Khazar Fields Joint Development Project</a></li>
<li><a href="https://www.kmg.kz/en/press-center/press-releases/umk/" rel="nofollow noopener" target="_blank">KazMunayGas - First Improved Hydrocarbon Production Model Contract Signed in Kazakhstan</a></li>
<li><a href="https://ar2023.kmg.kz/en/strategic-report/operating-review/exploration" rel="nofollow noopener" target="_blank">KazMunayGas 2023 Annual Report - Exploration Operating Review</a></li>
<li><a href="https://ar2024.kmg.kz/en/strategic-report/operating-review/exploration" rel="nofollow noopener" target="_blank">KazMunayGas 2024 Annual Report - Exploration Operating Review</a></li>
<li><a href="https://www.lukoil.com/PressCenter/Pressreleases/Pressrelease/lukoil-and-kazmunaygaz-sign-agreements-on" rel="nofollow noopener" target="_blank">LUKOIL - LUKOIL and KazMunayGas Sign Agreements on Kalamkas-Sea,Khazar,Auezov Caspian Offshore Project</a></li>
<li><a href="https://qazinform.com/news/kazmunaygas-says-it-looks-for-new-partners-on-two-projects-amid-sanctions-on-lukoil-a52b4a" rel="nofollow noopener" target="_blank">Qazinform - KazMunayGas Looks for New Partners Amid Sanctions on LUKOIL</a></li>
<li><a href="https://kz.kursiv.media/en/2026-03-27/engk-tank-kmg-puts-6-4-billion-russia-linked-project-on-hold/" rel="nofollow noopener" target="_blank">Kursiv Media - KMG Puts Kalamkas-Sea and Khazar Project on Hold</a></li>
<li><a href="https://www.reuters.com/sustainability/boards-policy-regulation/kazakh-energy-minister-says-government-not-talking-with-lukoil-about-buying-2025-11-17/" rel="nofollow noopener" target="_blank">Reuters - Kazakhstan Comments on LUKOIL Assets and Sanctions Context</a></li>
</ul>

IEPTC reference profile for Kalamkas - Khazar Oil and Gas in Kazakhstan,covering asset type,location,development status,and upstream industry context.

Kalamkas - Khazar Oil and Gas Project,Kazakhstan

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Kalamkas - Khazar Oil and Gas Project,Kazakhstan

Kalamkas - Khazar Oil and Gas Project,Kazakhstan

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