British Petroleum (bp) is preparing to re-enter Kazakhstan after more than 15 years, signing a memorandum of intent with KazMunayGas to explore and potentially develop the Ustyurt block in Mangistau Region.

The agreement, announced during the Geoscience & Exploration Central Asia international forum in Astana, marks a new phase in bilateral cooperation, opening doors for future exploration projects and strengthening Kazakhstan’s resource base, The Caspian Post reports via Kazakh media.

BP previously exited Kazakhstan in 2009 after leaving the Karachaganak and Caspian Pipeline Consortium projects. While the company considered returning in 2019, shifting oil prices and the pandemic delayed those plans. This new deal could signal BP’s first step back into the country’s oil and gas sector.

Officials emphasized that the partnership will focus on joint geological studies and potential development of the Ustyurt block, highlighting a renewed commitment to long-term energy collaboration between Kazakhstan and BP.