On the Caspian Sea shelf, the Russian oil company Lukoil, together with Kazakhstan’s national oil and gas company KazMunayGas (KMG), has started implementing a project for the joint development of the Kalamkas-More and Khazar fields. This was reported on Tuesday by the Kazinform news agency, citing Kazakh President Kassym-Jomart Tokayev.
Speaking at Lukoil’s anniversary event, Kassym-Jomart Tokayev stated that more than USD 6 billion in direct investments are planned for the development of these fields and that over 2,000 new jobs will be created.
According to KMG, the total forecasted recoverable resources of the project amount to approximately 81 million tons of oil and 22 billion tons of gas.
Kassym-Jomart Tokayev noted that Lukoil, which first entered Kazakhstan in 1995, has invested more than USD 12 billion in Kazakhstan’s oil and gas industry, producing 94 million tons of oil and 60 billion cubic meters of gas.
In total, during the first nine months of 2025, Kazakhstan produced 75.7 million tons of oil and gas condensate, or 113.2% compared to the same period last year. The target for 2025 is 96.2 million tons.
