Kazakhstan and Russia’s Lukoil begin developing new giant field

The leader of Kazakhstan said investments in the ambitious project amounted to US$ 5 billion.

President of Kazakhstan Kassym-Zhomart Tokayev took part in the 17th Kazakhstan-Russia Interregional Cooperation Forum. The agenda of the joint event focused on key aspects of cross-border partnerships and the development of new oil fields in the Caspian Sea, the information portal of the President of Kazakhstan reported.

Speaking about cooperation in oil production, the leader of Kazakhstan said the largest international oil pipeline project – the Caspian Pipeline Consortium (CPC), had been operating for 25 years. Since the launch of the CPC, more than 745 million tonnes of oil have been supplied to global consumers. Specifying the tasks of increasing oil production, Tokayev highlighted the importance of developing new deposits, implementing joint projects and increasing oil pipeline capacity.

The President noted that the subjects of Kazakhstan and Russia were developing the world-class deltas, such as Tengiz and Karachaganak. The work is underway on the Zhenis and Al-Farabi offshore projects worth US$ 6.5 billion on the territory of Kazakhstan.

In this context, Tokayev said the joint development of another largest field Kalamaks-Sea-Khazar would start very soon. Lukoil from Russia will be a strategic partner. Investments in this project will amount to about US$ 5 billion. The President noted that the most favourable business environment would be created for investors.

02 окт 2021, 08:10
Photo source: akorda.kz

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