Kazakhstan reveals how much it has raised for oil projects since 2023

Since January 2023, the Ministry of Energy has signed five oil production and exploration contracts / Photo: Shutterstock

According to the press service of the Ministry of Energy of Kazakhstan, since January 2023, it has signed five improved module oil production and exploration contracts worth $9 billion in total.

Two contracts are related to oil production and three are related to oil exploration. These projects include Kalamkas-Sea, Khazar, Auezov and Karaton Podsolevoy in the Atyrau and Mangystau regions. The national oil company KazMunayGas and foreign investors are involved in all these projects.

As the ministry noted, the sum of subscription bonuses (a payment for subsoil exploration and production) for two signed contracts was $32 million for Kalamkas-Sea, Khazar and Auezov and $244,900 for Karaton Podsolevoy.

Moreover, the ministry will conduct auctions for subsoil use at 24 land parcels this year.

In late February, Magzum Mirzagaliyev, the head of KazMunayGas, said that the company would execute subsalt drilling at Karaton Podsolevoy at the expense of Russian Tatneft, which purchased 50% shares of Karaton Operating Ltd. this February. Mirzagaliyev also said that the first oil at Kalamkas-Sea and Khazar is expected to be produced in 2028-2029. Lukoil, another Russian oil company with 50% of shares in Kalamkas-Khazar Operating, will be KMG’s partner in this project.