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KMG EP intends to bring oil production volume up to 20 million tons per year by 2020

Oil&Gas Materials 17 May 2011 18:16

Kazakhstan, Astana, May 17 / Trend A.Maratov /

KazMunaiGas Exploration Production (KMG EP ) intends to bring the consolidated volume of oil production up to 20 million tons a year by 2020, General Director Askar Balzhanov told media.

"We plan to bring the consolidated volume of oil production up to 20 million tons a year by 2020," he said.

It was reported that KMG's goal is to substantially increase its resource base over the next 10 years to enter the top 30 companies producing oil globally.

The resource base is expected to increase at the expense of exploration and purchase of new assets both in this country and abroad.

It was reported that the volume of production in KMG hit 13.285.000 tons of oil as of 2010, or 16 percent more than in 2009.

KMG EP is among the top three Kazakh oil and gas producers.

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