KazMunaiGas planning to increase hydrocarbon reserves
Kazakhstan, Astana, Oct. 3 /Trend D.Mukhtarov/
KazMunaiGas, Kazakh national oil and gas company is planning to increase hydrocarbon reserves. This was reported at the KAZENERGY VII Eurasian Forum by the head of the company's administration, Lazzat Kiinov.
"According to our plans, due to the considerable contributions to geological exploration and conducting of seismic exploration work and research exploration drilling, KazMunaiGas will increase its reserves starting as of 2015," Kiinov noted.
He said the company's strategic priority in the next few years is to increase the potential on oil and gas exploration and extraction which includes a search for new promising areas, the realisation of the Kashagan North Caspian project and the Tengiz project's future extension.
Research conducted within the past three years enabled the discovery of new geological peculiarities of basin structures which in turn allowed a number of promising areas with rich oil and gas reserves to be found, the head of administration added.
Kiinov said perspectives and targets of KazMunaiGas in 2022 look very optimistic even under the most pessimistic scenario and the considerable fall in world oil prices.
He added that consolidated indicators will amount to 1.4 billion tons in hydrocarbon reserves, a 35.4 million tons in extraction of oil and gas condensate and 19.0 million tons in oil processing.
"In this way, the company's production indicators will considerably increase," Kiinov stated.