Nostrum Oil & Gas

What Nostrum Oil & Gas does

Nostrum Oil & Gas PLC is an independent mixed-asset upstream energy company with operational roots in north-west Kazakhstan. Its principal asset is the Chinarevskoye oil and gas condensate field in the pre-Caspian Basin, operated through wholly-owned subsidiary Zhaikmunai LLP, with a secondary 80%-owned interest in the Stepnoy Leopard (Kamenskoe and Kamensko-Teplovsko-Tokarevskoe) fields. Ryder Scott independently certified 2P gross reserves of 529 mmboe and 3P gross reserves of 1,085 mmboe as at 31 December 2008 across the Chinarevskoye licence area, which includes commercial discoveries at Mullinski, Ardatovsky, Tournaisian-South, Famennian, Biski&Afoninski West and Tournaisian-West.

The company operates an integrated technical stack above the wells: a 4.2 bcm gas processing facility (more than twice current throughput requirements), an oil treatment unit with pipeline tie-in to Uralsk, a rail loading terminal, a gas export pipeline into the Intergas Central Asia Gas pipeline, and a reservoir pressure maintenance system. Drilling and workover rigs are used for ongoing field development. Production peaked at roughly 7,500-8,500 bopd in late 2008; company commentary and recent press indicate output has since materially declined.

Commercially, Nostrum generates revenue by selling crude oil, gas condensate and LPG through a B2B sales-led model. Approximately 87% of 2008 volumes were exported via oil and gas pipelines plus rail, sold to international commodity traders at Brent-linked netback prices with deductions for transport, handling and any export duty; the remaining 13% was sold domestically in Kazakhstan. Reserve mix is roughly 41% oil/condensate, 44% gas and 15% LPG. The company is listed on the London Stock Exchange (NOG), headquartered in Amsterdam and London, founded in 1997, and faces an over-leveraged balance sheet (stated debt above US$1bn), a September 2025 Event of Default on its notes, Kazakh tax and export-duty disputes, and a 2025 board reconstitution.

Name

Nostrum Oil & Gas

Legal name

Nostrum Oil & Gas PLC

Website

https://nostrumoilandgas.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Nostrum Oil & Gas PLC is an independent upstream oil and gas company operating the Chinarevskoye field and adjacent West Kazakhstan licences via subsidiary Zhaikmunai LLP, selling crude oil, gas condensate and LPG primarily to international commodity traders through export pipelines and rail from a London-listed (LSE: NOG) Amsterdam-headquartered entity.

Ownership category

akta.pro rank

Product category

Upstream Oil & Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Acid Gas Handling & Sulfur Recovery (Amine/Claus/TGTU) (EUALACAF)

Keywords

• Oil and gas exploration
• Hydrocarbon production
• Upstream oil operations
• Gas processing services
• Crude oil exports

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Crude Oil Sales: Nostrum generates the majority of its revenue from crude oil and gas condensate sales. In 2008, revenues reached US$135.8 million. The company exports most of its crude oil production and sells a portion domestically in Kazakhstan. Oil is sold to traders at benchmark-linked prices (Brent crude) with deductions for transport and handling.
2. Gas and LPG Sales: Following completion of the Gas Treatment Unit (GTU), Nostrum generates revenue from natural gas and LPG (liquefied petroleum gas) sales. The gas is routed via pipeline to the Intergas Central Asia Gas pipeline for export. Product mix from reserves is approximately 41% oil/condensate, 44% gas, and 15% LPG.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Nostrum Oil & Gas is an independent upstream energy company engaged in the exploration, development and production of hydrocarbons in north-west Kazakhstan. It operates the Chinarevskoye oil and gas condensate field via wholly-owned subsidiary Zhaikmunai LLP and holds an 80% interest in the Stepnoy Leopard fields via Positiv Invest LLP. Its principal products sold to commodity traders and export counterparties are crude oil, gas condensate and LPG, with associated gas processing and pipeline infrastructure supporting export sales.

Product overview

Nostrum Oil & Gas is an independent mixed-asset energy company operating primarily in Kazakhstan's pre-Caspian Basin. The company operates as a single unified business focused on oil and gas exploration, development, and production. Its portfolio consists of the Chinarevskoye Field as the principal producing asset (operated by subsidiary Zhaikmunai LLP), the Stepnoy Leopard Fields (80% owned via Positiv Invest LLP), a world-class 4.2 bcm gas processing facility, and associated transportation infrastructure including pipelines and rail terminals. The company produces and sells crude oil, gas condensate, and LPG, with well-established export links to international markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Crude oil produced from the Chinarevskoye field in north-west Kazakhstan, sold to international commodity traders and domestic Kazakhstan buyers at Brent-linked netback prices, exported via the oil pipeline to Uralsk and rail network.
• Gas Condensate Gas condensate extracted from the Chinarevskoye field and sold alongside crude oil to commodity traders and domestic buyers, contributing to the company's ~41% oil/condensate share of reserves.
• Liquefied Petroleum Gas (LPG) LPG produced from gas processing operations at the Chinarevskoye field following completion of the Gas Treatment Unit, exported via pipeline to international markets and accounting for ~15% of the company's product mix.
• Third-Party Gas Processing Services Gas processing capacity made available to third-party gas producers at Nostrum's 4.2 bcm processing facility, leveraging the more than doubled capacity beyond what the Chinarevskoye field requires.
• Natural Gas Natural gas produced from the Chinarevskoye field and exported via the dedicated gas pipeline connected to the Intergas Central Asia Gas pipeline; accounts for approximately 44% of the company's product mix.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered secondary and core.

• Hillmont PartnerssecondaryImplementation/ SI/ Consulting Partner · 23 October 2025James Hart, founder of Hillmont Partners (an international law firm focused on Eastern Europe and Eurasia), was appointed as an independent non-executive director to Nostrum's board. Hillmont Partners provides legal and advisory services in the region.
• KazStroyService Global BV (KSS)coreStrategic or Co-development Partner · 29 July 2009KazStroyService is the EPC contractor constructing the Gas Treatment Unit (GTU) for Zhaikmunai, with a contract value of US$182 million. In 2009, an agreement was reached to defer US$120 million in payments under the GTU construction contract. KSS also agreed to purchase 50 million GDRs at US$4.00 per GDR (approximately 27% of issued common units), becoming a significant strategic investor and industrial partner in Kazakhstan.
• KazMunaiGaz National CompanysecondaryStrategic or Co-development Partner · 18 December 2007Kazakhstan's national oil and gas company. Zhaikmunai engaged in discussions with KazMunaiGaz and the Ministry of Energy & Mineral Resources regarding the IPO and pre-emption rights under Article 71 of the Subsoil Law. KazMunaiGaz holds a statutory pre-emption right over subsoil licences.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Pantheon Resources plc: London-listed E&P focused on appraisal and development of large resource bases, comparable to Nostrum in being a small-cap LSE-listed producer whose valuation hinges on converting contingent resources into producing reserves.
• Caspian Sunrise plc: UK-listed independent oil and gas company focused on operations in Kazakhstan's pre-Caspian and other Kazakh basins. Closest comparable in geography, asset profile, and listing venue to Nostrum's Chinarevskoye and Stepnoy Leopard positions.
• ShaMaran Petroleum (Atinum Energy): Independently operated E&P with Central Asian/Caspian upstream interests and a small-cap profile. Comparable to Nostrum in operating model as a focused independent producer in the broader CIS/Caspian geography.
• President Energy plc: Small-cap London-listed independent E&P focused on hydrocarbons in Argentina, with a similar profile to Nostrum as a single-platform mid-tier independent producer facing balance sheet pressure and seeking development upside.

Broad incumbents

• KazMunaiGas National Company: Kazakhstan's national oil and gas company, the dominant upstream and midstream operator in the country and statutory pre-emption right holder over subsoil licences. Sets the regulatory and competitive backdrop for Nostrum's Kazakh operations.
• State Oil Company of the Azerbaijan Republic (SOCAR): National oil company of Azerbaijan with major Caspian basin upstream and processing operations. Comparable as a Caspian-region operator with vertically integrated production, gas processing, and export infrastructure similar to Nostrum's model.
• Lukoil: International integrated oil company with upstream and midstream operations in the Caspian region (including Kazakhstan) and broader CIS. Comparable as a major operator with established Caspian processing and export infrastructure at greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nostrumoilandgas
• YouTubeyoutube.com/nostrumoilandgas

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

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 Nostrum Oil & Gas