Lukoil buys 50% in Kalamkas-Khazar Operating LLP for $200 mlnRussia’s Lukoil PJSC has acquired a 50% stake in Kalamkas-Khazar Operating LLP (KKO) for $200 million, according to the 2023 financial report of Kazakhstan’s National Company KazMunayGas (KMG).On February 9, 2023, KMG and Lukoil PJSC signed a purchase and sale agreement for a 50% share of KKO, a subsidiary of KMG, the holder of a contract for the production of hydrocarbons at the Kalamkas-Sea, Khazar and Auezov subsoil blocks located in the Kazakh sector of the Caspian Sea, according to the report.On September 11, 2023, KKO was reregistered after the parties fulfilled the suspensive conditions of a purchase and sale agreement. As a result of the transaction, KMG lost control over KKO.The sale price of the 50% share in KKO was 200 million USD (equivalent to 93,258 million tenge at the date of disposal of the subsidiary).Lukoil PJSC made payment of cash consideration in the amount of 200 million USD on September 21, 2023.In September 2023, KMG and Lukoil completed procedures for the sale of a 50% stake in Kalamkas-Khazar Operating LLP to Lukoil.“KMG and Lukoil have closed the deal, as a result of which LUKOIL has acquired a 50% stake in Kalamkas-Khazar Operating LLP,” the company said in its reply to a query from Interfax-Kazakhstan in September of last year.KMG and LUKOIL now own on a parity basis Kalamkas-Khazar Operating, which is the operator of the Kalamkas Sea, Khazar and Auezov project in the Caspian Sea.On February 9, 2023 KazMunayGas and LUKOIL sealed a number of agreements relating to the development of the Kalamkas Sea, Khazar and Auezov blocks in the Kazakh sector of the Caspian Sea, including an agreement on the sale and purchase of a 50% holding in the charter capital of Kalamkas-Khazar Operating LLP and an agreement on terms and conditions for the financing of the project by its participants.Kalamkas-Sea, Khazar and Auezov fields lie offshore the Caspian Sea about 60 km away from the coast and at a depth of 7-9 meters. The production is expected to start in 2028 and will total 3-4 million tonnes per year. The development costs are estimated at about $5 billion.Kalamkas-Sea, which was discovered in 2002, is located 120 km southwest of Kashagan and very close to the Khazar field. The combined recoverable reserves of the Kalamkas-Sea and Khazar fields are estimated at 67 million tonnes of oil and 9 billion cubic meters of gas. (ICE ALMATY)

Fonte notizia: INTERFAX