BAKU, Azerbaijan, September 30. Kazakhstan’s national oil and gas company KazMunayGas (KMG) plans to consolidate 100% of the shares in KMG Kashagan B.V., according to KMG’s statement.
KMG Kashagan B.V. holds a 16.877% stake in the North Caspian Operating Company (NCOC) consortium operating the Kashagan oilfield.
The company’s board of directors approved the related-party transaction on September 24, 2026.
Under the transaction, KMG will acquire the shares in KMG Kashagan B.V. from the Dutch entity Cooperatieve KazMunaiGaz U.A.
The assets involved in the transaction account for 14.8% of KMG’s total balance sheet assets as of the date of the board’s decision.
The market value of the transaction was determined by independent appraiser Ernst & Young LLP, according to KMG’s disclosure.
According to NCOC, the giant Kashagan field is one of the largest oil discoveries made in recent decades, with recoverable oil reserves estimated at approximately 9–13 billion barrels (1–2 billion tons). The Kashagan reservoir is located 80 kilometers from the city of Atyrau in an offshore area with water depths of 3–4 meters and lies at a depth of more than 4 kilometers (4,200 meters). Production facilities include both offshore and onshore facilities.
Commercial oil production at the offshore Kashagan field began in 2016, marking the first such production in Kazakhstan’s history.
