North Caspian Operating Company

Name

North Caspian Operating Company

Legal name

North Caspian Operating Company

Website

https://ncoc.kz

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Offshore Crude Oil Production

NAICS

Crude Petroleum Extraction (211120), Oil and Gas Extraction (211), Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Associated Gas Production (Oil-Linked) (EUAAAAAB)

akta.pro secondary industries

Crude Oil Gathering Pipeline Transportation (Upstream Field Gathering) (TLAGAAAB), Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH)

Keywords

• Offshore oil production
• Crude oil extraction
• Oil field operations
• Gas processing services
• Upstream oil operations

Headquarters

HQ city

Atyrau

HQ country

Kazakhstan

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Crude Oil Production and Sales: NCOC operates the Kashagan oil field and generates revenue through crude oil production and sales to international markets. Kazakhstan plans to utilize spare capacity on the Baku-Tbilisi-Ceyhan pipeline to meet market demand for oil avoiding the Hormuz strait.

Distribution channels2 records

Core offering

NCOC operates the Kashagan offshore oil field in the North Caspian Sea and runs the onshore Bolashak processing plant, producing crude oil for sale into international energy markets. The Kashagan field, Kazakhstan's second-largest, produced 18.2 million tons of oil in 2025. Output is exported through the Baku-Tbilisi-Ceyhan pipeline and the Caspian Pipeline Consortium's Black Sea terminal, supplying international oil buyers seeking crude from a route that avoids the Strait of Hormuz.

Product overview

North Caspian Operating Company (NCOC) operates as the operator of the Kashagan oil field, Kazakhstan's second-largest oil field. The company manages offshore oil production operations in the North Caspian Sea, with facilities including the offshore complex and Bolashak processing plant. The Kashagan field produced 18.2 million tons of oil in 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Kashagan Oil Field Operations Offshore extraction and processing of crude oil from the Kashagan field in the North Caspian Sea, including operations at the offshore complex and the onshore Bolashak processing plant. The output is sold to international oil markets via the Baku-Tbilisi-Ceyhan pipeline and the Caspian Pipeline Consortium's Black Sea terminal.

Quantifiable outcome

• 18.2 million tons of oil produced in 2025
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• ShellcoreStrategic or Co-development Partner · 8 April 2026Shell is a major international oil company operating as part of the Kashagan consortium. Shell's CEO has announced a pause on further investment in Kazakhstan pending resolution of the $5 billion sulfur fine dispute, representing a significant escalation in tensions with the Kazakh government.
• KazMunayGas (KMG)coreStrategic or Co-development Partner · 11 March 2026KazMunayGas is Kazakhstan's national oil company and consortium partner. KMG Chairman Askhat Khassenov visited the Kashagan field in March 2026 to review production and development plans. KMG's share of 2025 production exceeded 3 million tons, and the company leads local content initiatives achieving 70% Kazakh procurement.
• Kashagan Consortium PartnerscoreStrategic or Co-development Partner · 23 February 2026The consortium of major oil companies controlling the Kashagan oilfield, including Shell and Eni, filed for international arbitration over the $5 billion environmental fine. The arbitration adds to a wider $166 billion dispute including multiple ongoing claims related to lost revenue, cost recovery, environmental violations, and separate disputes over two untapped oil deposits.
• ICSID (International Centre for Settlement of Investment Disputes)flagshipStrategic or Co-development Partner · 6 February 2026ICSID, based in Washington, is managing the international arbitration proceedings for the Kashagan sulfur storage dispute between Kazakhstan and the international oil companies, representing a $166 billion wider dispute between the parties.
• Eni SpAcoreStrategic or Co-development Partner · 30 January 2026Eni SpA is one of the world's largest oil companies operating in the Kashagan oil project consortium. Court documents reveal Eni and other majors knew for years about sulfur stockpiling regulatory risks but did not resolve the problem partly due to concerns about cost.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Tengizchevroil (TCO): TCO operates the Tengiz and Korolev oil fields in Kazakhstan under a similar consortium structure with major international oil companies (Chevron, ExxonMobil, KMG, Lukoil). It is the most direct comparable to NCOC given overlapping JV operating-company structure, Kazakh upstream exposure, and similar regulatory/sulfur-related compliance profile.
• Karachaganak Petroleum Operating (KPO): KPO operates the Karachaganak oil and gas condensate field in Kazakhstan under a consortium of international oil majors (Eni, Shell, Chevron, Lukoil) and KMG. Like NCOC, it is a JV operating company focused on a single giant Kazakh field with similar regulatory and consortium dynamics.

Broad incumbents

• Shell plc: A core consortium partner in Kashagan and one of the world's largest integrated oil majors. Comparable as a globally diversified upstream operator whose Kazakhstan exposure is now under strategic review following the CEO's investment pause announcement.
• ExxonMobil: A major international oil major with consortium-based upstream experience in Kazakhstan (via Tengizchevroil). Comparable as a globally diversified operator using similar JV structures to develop complex, capital-intensive fields.
• Saudi Aramco: The world's largest integrated upstream operator, providing a benchmark for scale, capital intensity, and state-affiliated operations comparable to NCOC's consortium-with-NOC structure at Kashagan.
• Eni SpA: One of the world's largest integrated oil majors and a core consortium partner in Kashagan. Comparable as a globally diversified upstream operator with significant Caspian/Central Asia exposure and the same sulfur-related compliance liabilities at Kashagan.
• Chevron Corporation: Lead operator of Tengizchevroil and a major international oil company with comparable upstream consortium experience in Kazakhstan. Highly relevant given similar JV operating structures and Caspian basin exposure.
• KazMunayGas (KMG): Kazakhstan's national oil company and consortium partner in Kashagan. Comparable as a domestic upstream operator with national champion status, broader E&P portfolio beyond Kashagan, and direct exposure to the same regulatory environment affecting NCOC.

Emerging players

• Lukoil: A Russian-major integrated oil company with Caspian-region upstream exposure (including consortium stakes in Tengizchevroil and Karachaganak). Comparable as a regional upstream operator with stakes in the same Kazakh JV consortia.
• CNOOC: A national oil major with offshore upstream experience and consortium-based international project structures. Comparable as a state-affiliated operator with offshore production expertise analogous to NCOC's Kashagan operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about North Caspian Operating Company