The branch of BGI Karachaganak Limited (Aksai), ultimately owned by British Shell Plc, earned a profit of $355.6 million in 2025, according to infohub.kz.
According to the financial statements, the branch's profit in 2024 was $431.6 million. Revenue fell to $1.05 billion in 2025 from $1.2 billion a year earlier. Crude oil accounted for $1.026 billion of revenue in 2025 and $1.16 billion in 2024, while gas and gas processing products contributed $27.6 million and $31.4 million, respectively. All oil is supplied to the UK, and gas to Kazakhstan.
In 2025, total remuneration to key management personnel, consisting of one person – Director Suzanne Maureen Coogan – amounted to $375,000, compared to $491,000 in 2024 (also one person). On June 29, 2026, the branch paid $550 million in profit to BGI Karachaganak Limited.
BGI Karachaganak Limited (Aksai) is a branch of BGI Karachaganak Limited, a company incorporated under English law. BGI Karachaganak Limited is consolidated with the Shell Plc group.
The branch participates in the extraction and export of hydrocarbons (oil and gas) from the Karachaganak oil and gas condensate field under the Final Production Sharing Agreement (FPSA) signed on November 18, 1997. BGI Karachaganak Limited holds a 29.25% interest in the Karachaganak field.
In 2025, Karachaganak produced 27.92 million barrels of oil equivalent (boe) for the Shell group, compared to 27.17 million boe in 2024. Total production averaged 242,000 barrels per day in 2025, despite difficulties with the acceptance of Kazakh raw gas by the Orenburg Gas Processing Plant (GPP) and restrictions imposed by the Caspian Pipeline Consortium (CPC) due to drone attacks.
In 2025, 7.662 billion cubic meters of hydrogen sulfide-containing gas were sent to the Orenburg GPP for processing, down from 8.737 billion cubic meters in 2024.
Crude oil from Karachaganak is sold via CPC through affiliated traders of contractor companies. Payment is typically made within 30 days of delivery, based on Brent price quotations adjusted for tanker freight costs, insurance, and oil quality.
In early August, it was reported that KMG Karachaganak, a 100% subsidiary of KazMunayGas, plans to cut capital expenditures on the Karachaganak project in 2027 by nearly three times, from 29.96 billion tenge to 10.9 billion tenge. KMG Karachaganak's profit for 2025 was 15.3 billion tenge, down from 159.1 billion tenge in 2024. As of the end of 2025, KMG Karachaganak's uncovered loss stood at 28.1 billion tenge.
The Karachaganak field, discovered in 1979, is one of the world's largest gas condensate fields. The Final Production Sharing Agreement provides for its development by the operator KPO until the end of 2037. Since the agreement was signed, over $29.8 billion has been invested in the project. The following companies hold stakes in KPO: Eni S.p.A. – 29.25%, Shell Plc – 29.25%, Chevron – 18%, LUKOIL – 13.5%, and KazMunayGas – 10%.