BP is set to abandon three oil projects in Kazakhstan after it changed strategy to concentrate on renewable energy and its existing ventures.

The European major sent a letter to state-run KazMunayGas in October last year, saying that after 18 months of work to evaluate such offshore blocks as the Bolshoy Zhambyl, Zhemchuzhnaya and Kalamkas Sea it decided not to pursue them with future investments.

BP agreed to examine Kazakh oil projects in May 2019. The retreat from the fields - both in the area of the giant Kashagan field - was made as high costs made them uneconomic and reflected an industry-wide push to cut break-even costs.

BP has not operated in Kazakhstan since 2009, after the company announced it would withdraw from the country’s giant Tengiz oil field and the Caspian Pipeline Consortium (CPC) pipeline. In May 2009, the company sold its 46 percent share in the Lukarco joint venture to Lukoil as part of a $2 billion deal, which made the Russian company a sole owner claiming a 100 percent stake. Prior to the deal, BP sold its 49.9 percent stake in Kazakhstan Pipeline Ventures (KPV), which held a 1.75 percent share in CPC, to KazMunayGas for $250 million.

In October 2019, Shell announced its intent to scale back its oil and gas exploration plans for the Khazar offshore project in Kazakhstan. Shell left the project after investing about $900 million in it. In addition, the North Caspian Operating Company, including energy giants such as Eni, Shell, ExxonMobil, Total, CNPC, Inpex and KazMunayGas have all pulled out of the Kalamkas-Sea project.