Azerbaijan, Baku, Aug. 6 / Trend E. Kosolapova /
Kazakh Oil and Gas Company KazMunaiGas Exploration Production (KMG EP) will invest 43 billion tenge ($286 million) in Uzen oil and gas field upgrading located in Kazakh Mangistau region, Novosti-Kazakhstan reported with the reference to KMG EP General Director Alik Aidarbayev.
"Over 43 billion tenge will be allocated to Uzen field modernization. This sum is almost equal to the state investments into comprehensive development of the city of Zhanaozen (Mangistau region's administrative center).The funds will be spent on production, production profitability and industrial safety increasing and labor protection," Aidarbayev said.
According to Aidarbayev, KMG EP has invested 11.641 billion tenge in Mangistau region since 2004.
Uzen field's reserves are estimated at 1.1 billion tons. KMG EP is the field's operator.