KazMunaiGas to send $312 mln to R&D in 2011-2015
Azerbaijan, Baku, Nov. 25 / Trend E. Kosolapova/
Kazakh National Oil and Gas Company "KazMunaiGas" (KMG) will spend 46 billion tenge ($312 million) to scientific research and development, KMG Board Chairman Bolat Akchulakov said at a meeting on the innovative development in KMG Group of Companies in Almaty on Friday, Novosti Kazakhstan reported.
In 2010, the company's budget for R&D hit 210 million tenge ($1.43 million).
According to the company's report, most expenditures will be spend on such science-intensive spheres as improving the efficiency of exploration, oil and gas transport system development, environment, energy and resource conservation.
It is assumed that all the work will be carried out by the Kazakh Institute of Oil and Gas (KING) (a member of KMG group).
In addition, it is planned to allocate 43 billion tenge ($292,120) more for the construction of the Research Center of KING and the Institute of Information Technology and Petroleum Engineering of the Kazakh-British Technical University, and for establishing experimental industrial sites to test innovative technologies to improve recovery and increase the productivity of wells in marginally profitable fields.
KMG is the Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in oil and gas industry of Kazakhstan. Some 100 percent of KazMunaiGas shares belong to the state.