Kazakhstan, Astana, November 2 / Trend, A. Maratov
KazMunaiGaz (KMG), the national oil and gas authority of Kazakhstan, plans to boost oil production by 1.5 times by 2020, KMG Managing Director Magzum Mirzagaliyev told reporters.
"By 2020, the company plans to double extractable oil and condensate reserves and increase oil and condensate production 1.5 times at the expense of application of innovations alone," Mirzagaliyev said.
It is planned to increase the volume of oil refining from 13.7 million tons in 2010 to 19 million tons in 2020, he noted.
"The refining depth will increase from 68 percent to 90 percent whereas the quality of motor fuels will be enhanced from Euro-2 to Euro-4, Euro-5," he added.
As he reported, KMG expenditures related to innovations are planned to increase up to 11 billion tenge by 2020. KMG extra revenues from innovations will reach to about $2.9 billion.
"The growth of KMG labor productivity due to innovations is valued at $149,000 per person," Mirzagaliyev said.