Kazakhstan intends to initiate talks with TCO to increase its stake, according to Satkaliyev.

“A mandate has been given to conduct consultations with consortium participants in a sufficiently open manner within the framework of international agreements and international law. The most relevant project for us, considering the development timelines, is TSHO, associated with the Tengiz field, whose partners include Chevron, ExxonMobil, and Lukoil. In other words, we plan to initiate certain preliminary consultations with them,” reported Satkaliev in response to a question about the PSA contracts, where Kazakhstan aims to increase its stake.

According to him, the government will first develop an agenda and a list of requirements, where one of the possible demands will be to increase Kazakhstan’s share in these projects.

“This will be articulated. There are deadlines in accordance with the agreements. Thus, we should officially start the relevant negotiations within the next year or two,” the minister clarified.

Earlier, President Kassym-Jomart Tokayev instructed during an expanded government meeting to review the PSA contracts for major fields in the country under updated, more favorable terms for Kazakhstan.