Oil production volumes in Kazakhstan’s Mangistau province announced

Oil&Gas Materials 15 November 2013 16:27 (UTC +04:00)

Astana, Kazakhstan, Nov.15

By Daniyar Mukhtarov - Trend:

Some 13.4 million tons of oil was produced in the Mangistau province (West Kazakhstan) in first nine months of the year, the akim (governor), Alik Aidarbayev said on Nov.15 in Astana.

"About 13.4 million tons of oil was produced in the province in the first three quarters of 2013. it is good that UzenMunaiGas JSC stabilized the production and is gradually increasing it," Aidarbayev said at a briefing at the Central Communication Service under the president today.

He specified that Mangistaumunaigas JSC produced 4.5 million tons (increase by 103,000 tons) of oil, UzenMunaiGas JSC produced 3.9 million tons (increase by 175,000 tons) and Karajanbasmunai JSC produced 1.5 million tons (increase by 2,000 tons).

According to Aidarbayev, the oil and gas processing sector also has a major part in investment structure.

"Since early 2013, some 290 billion tenge ($1=153.08 tenge) of investments (with 105.5 percent of growth rate) was attracted to the region. About 62 percent of them fell to oil sector," he said.

The governor added that in order to increase the growth rate of the main indicators and in order to prevent their sharp decline, the province carries out a close work with Kazakhstan's Oil and Gas Ministry, KazMunaiGas National Company on research, exploration and supplementary exploration of the whole mineral and raw complex of the region and firstly the hydrocarbons.

For instance, exploration work projects in Kansu and Ustyurt sites have been approved. Currently the draft contract for the right to use subsoil at Shagirli Shomishti gas field is being agreed on," Aidarbayev said.

Mangistau province is one of the three donors of the republican budget, along with the city of Almaty and the Atyrau province. About a quarter of oil reserves and up to 12 percent of the country's natural gas is concentrated in Mangistau province.

Oil and gas sector provides a significant amount of revenue to the state budget, including the National Fund. So, for the first nine months of 2013, the total revenue amounted to 662 billion tenge, including 403 billion tenge or 62 percent through the payments from mining companies. During the same period, the share of income from the Mangistau province to the National Fund was 38 percent.

The volume of tax revenues of Mangistaumunaigas JSC is 145.9 billion tenge, UzenMunaiGas JSC- 118.2 billion tenge, Karajanbasmunai JSC - 62.4 billion tenge, Buzachi Operating Ltd. and Karakudukmunai LLP - 76.1 billion tenge.