Kazakhstan’s national oil and gas company KazMunayGas (KMG) has aquired a 50% stake in Shygys Operating LLP. The new company was established on Aug. 6, 2026, to develop the Shygys oil and gas project in the Aktobe region.
According to data from the Kazakhstan Stock Exchange (KASE), KMG holds 50% stake in Shygys Operating. The remaining 50%, according to Adata, is owned by the Croatian company Geoenergija Razvoj d.o.o.
Shygys Operating’s primary business activity is listed as geological exploration and surveying, without scientific research and development.
Development on the Shygys project began several months ago. In April, Kazakhstan’s Ministry of Energy, KMG and Geoenergija Razvoj d.o.o. signed a contract for the exploration and production of hydrocarbons.
At the time, the parties agreed to develop the project on a parity basis, with each partner holding a 50% stake. The Croatian company also committed to fully finance the geological exploration stage.
The minimum work program includes a 500-kilometer 2D seismic survey and the drilling of a 3,500-meter-deep exploration well.
Later, KMG reported that its management met with representatives of the Croatian Hydrocarbon Agency (CHA) to discuss further cooperation on the project. The company noted that CHA specialists had reviewed geological data for the site and confirmed their interest in its development.
Geoenergija Razvoj d.o.o. is a subsidiary of the Croatian Hydrocarbon Agency. KMG highlighted that this marks the Croatian company’s first entry into Kazakhstan’s geological exploration market.
