Kazakh KazMunaiGas to improve key performance indicators

Photo: Kazakh KazMunaiGas to improve key performance indicators / Kazakhstan

Astana, Kazakhstan, Dec.25

By Daniyar Mukhtarov - Trend:

Samruk-Kazyna JSC as a shareholder of the Kazakh national oil and gas company KazMunaiGas sets the task to significantly improve the key performance indicators, Managing Director of Samruk-Kazyna JSC Malik Salimgereev said at a briefing on the development of the company in Astana on Dec.25.

In particular, according to the approved strategy of the company, by 2022 the volume of proven recoverable reserves of oil and gas condensate should reach 1.413 billion tons against 789.6 million tons as of late 2013.

"For achieving this goal within the next five years it is planned to invest 693.9 billion tenge (153.88 tenge = 1 dollar) in geological exploration, including 329 billion tenge to be allocated to projects in the Caspian Sea, 364.9 billion tenge - on the land," Salimgereev said.

It is expected that by 2022 the company will increase annual production of oil and gas condensate to 35 million tons per year from the projected 22.6 million tons (growth of six percent by 2012) as of late 2013.

Translated by M.L.

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