Kazakh KMG EP expects industrial oil flow at fields in Aktobe region


Kazakhstan, Astana, June 3/ Trend, A. Maratov /
Kazakh oil company KazMunaiGas Exploration Production (KMG EP) expects commercial oil flow to be available at the fields in the Aktobe region, KMG EP chief geologist Bazar Eskoja said in an interview with Trend.
"This year we will start exploratory drilling at the Tuskum field in the Aktobe region, where commercial oil flow is expected from sediments below salt-bearing strata," Eskoja said.
He said geological exploration for KMG in Kazakhstan is the main direction ensuring the main growth resources. The 2011 budget of geological exploration will hit $117 million.
"Geological exploratory work is widely conducted today," Eskoja said.
He said the company is now engaged in geological exploration at the Rozhkovskoe field in western Kazakhstan.
"We are completing the appraisal drilling of three exploration wells, with the drilling of three more wells expected in the future," he said.
As Eskoja said, "subsalt sediments are the reserve that will give maximum growth to the company's resources."
"At the same time, we do not abandon suprasalt sediments, for which there is also potential. In this regard we are working in the Caspian Sea where oil deposits are available at shallow depths from 1,000 to 1,500 meters," Eskoja said.
According to KMG EP, at present the portfolio of geological exploration projects of the KMG consists of three projects: Liman, R-9 and Taisoigan. The company analyzes the geological data, drills exploration wells and conducts a two-dimensional and three-dimensional prospecting seismology at these sites.

Expenditures on geological exploration activities amounted to $33 million in 2010.

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3 million tons (an average of 270kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves was 232 million tons (1.7bn bbl), as it was at the end of 2010. This includes shares in the associates (about 2.2 bln barrels).
The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised more than US $2 billion in its IPO in September 2006. The International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating in July 2010 and "GAMMA-6" rating in November 2010.

Subscribe to Trend in Google News! Subscribe
Iran intends to increase exports through Astara
Iran intends to increase exports through Astara
Exports of Iran to Kyrgyzstan booming
Exports of Iran to Kyrgyzstan booming
Georgian foreign trade turnover increases
Georgian foreign trade turnover increases
Loading Bars
Latest
Azerbaijan discloses names of returned Armenian servicemen
Uzbekistan exports $625 million worth of fruits and vegetables in 9 months
UK records highest daily COVID death toll since early March
Ukrainian Bees Airline plans to launch Odessa-Tbilisi-Odessa flights starting October 22
Iranian official dismisses 'tensions' at Astara customs, says activity with Azerbaijan soars
Turkmenistan starts rice harvest in Dashoguz region
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Refining activity of Iran's Fajr Jam Gas Refining Company soars
Iran’s Persian Gulf Petrochemical Industries Corporation sets new record
Azerbaijan's defense minister visits newly established commando military unit (PHOTO/VIDEO)
Iran’s PMO declares data on load/unload operations in Jask Port
Iran intends to increase exports through Astara
Turkey reveals cargo traffic via its ports from Portugal for 8M2021
Exports of Iran to Kyrgyzstan booming
President Ilham Aliyev receives Croatia's Minister of Foreign and European Affairs
Iran's Energy Exchange announces products to be on sale on October 20
President Ilham Aliyev expresses condolences to President Recep Tayyip Erdogan
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijan transfers captured Armenian servicemen back to Armenia
Uzbekistan plans to exempt import and sale of meat products from VAT
Turkey shares data on maritime cargo shipment with Russia for 8M2021
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
USAID to provide additional funds for Kazakhstan to fight COVID-19
Turkey announces data on cargo traffic with Italy for 8M2021
Kazakhstan imposes export restrictions for some timber types
Azerbaijan names locations of future national parks in liberated territories
Azerbaijan demands certain steps from Armenia at UN International Court of Justice
Iran’s 9M2021 Turkish cement imports up
Iran to host meeting on economic co-op with Turkmenistan
Georgian foreign trade turnover increases
Iran increases petrochemicals production
Kazakhstan sees increase in number of open trading accounts
​Iran allocates more funds for oil and gas projects in Ilam Province
Turkey unveils data on cargo traffic via its ports from Spain
Georgia's domestic export up in 9M2021
Value of Turkish cement exports to Georgia for 8M2021 down
Turkey shares data on cargo traffic with Greece for 8M2021
Turkey reveals cargo volume handled from Egypt in 8M2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,102 more COVID-19 cases, 863 recoveries
Cargo traffic on Azerbaijan's section of TRACECA for 8M2021 revealed
IMF lowers breakeven oil price level for Azerbaijan
Saudi index hits 15-year peak as most Gulf bourses gain
Israel's Bank Mizrahi Tefahot to issue $1.1 bln of CPI-linked bonds
Iran seeks to complete semi-finished project related to Lake Urmia's revitalization
Iran imports trucks to renovate transportation fleet
IMF revises up forecasts for Azerbaijan’s non-oil GDP growth
Iran`s domestic appliances production increases
IMF reveals forecast for Azerbaijan’s annual inflation
Iran's imports from neighboring countries up
Turkey discloses volume of cargo shipment via its ports from Singapore for 8M2021
Hungarian companies to attend Rebuild Karabakh EXPO
Azerbaijan raises gas exports via BTE pipeline
IMF predicts growth for Azerbaijan's GDP
Azerbaijani ministry denies rumors about full transition of schools to online lessons
Slovakia interested in deepening relations with Azerbaijan - FM
Turkey reveals cargo traffic with Morocco for 8M2021
Data on cargo shipping between Turkey and Algeria for 8M2021 revealed
Turkey shares data on cargo traffic with Israel for 8M2021
TAP partially stems increase in gas prices – managing director
Iran to sell oil through private sector
Iran started exploration of mining sites in South Khorasan Province
Minister talks preferential loans issued in Azerbaijan since early 2021
Bakcell will be ready to implement eSIM project in Azerbaijan
Iran reveals COVID-19 data for October 19
Iran's steel production increases
Iran eyes to boost domestic production in mining, industrial and commercial sectors
AccessBank eyes increasing loan portfolio mainly in segment of micro, agricultural entrepreneurs - Acting Chairman of Board (Interview)
National bank of Georgia shares data on payment cards issuance
Average mobile internet download speed continues to grow in Azerbaijan - Ookla
Galt & Taggart publishes overview of Georgia's economic growth
USAID selecting Turkmen business projects for co-financing
Eni Turkmenistan Ltd opens tender for supply of wellhead equipment
Azerbaijan exported most of its oil to Italy in 9M2021 - State Customs Committee
Iran ready to attract investment in renewable energy sector - minister
Azerbaijan - supporter of normalization of relations with Armenia, says FM
Azerbaijan, Slovakia eye signing agreement on economic co-op
Slovakia to supply Azerbaijan with de-mining machines in near future
Azerbaijan denies rumors about impeding exports from Iran to Russia
Iran Standards and Quality Inspection Agency releases car quality report
Iran to complete railway transit corridors - RAI
Baku Expo Center to soon open 'Rebuild Karabakh' exhibition
Joint press conference of Azerbaijani and Slovak FMs held in Baku (PHOTO/VIDEO)
VTB Bank in Georgia to back up creation of Nuclear Medicine and Diagnostic Center
Uzbekistan to produce its first electric cars
Turkey's steel export to Uzbekistan surges in value for 9M2021
Turkey shares data for cargo traffic via domestic ports from Ukraine in 8M2021
Azerbaijani, Slovak FMs holding expanded meeting (PHOTO)
Turkmen state concern to buy chemical products via tender
Azerbaijan’s 'Kalbajar' tanker leaves for first voyage
Renewables’ share in global energy supply to increase to over 25%
Georgia shares data on COVID-19 cases for October 19
Iran discloses volume of exports from Parvizkhan border terminal
PwC announces new strategy: The New Equation
India’s active Covid cases fall below 200k for the first time in seven months
Russia’s investments in US government securities in August remain at July level
Death accident takes place during construction of road in Azerbaijan's Kalbajar
Quake off Greece's Karpathos shakes eastern Mediterranean
Renewable Energy Agency talks on projects in Azerbaijan’s liberated lands
Israel's El Al Airlines starts talks to buy smaller rival Arkia
All news