Kazakh KMG EP increased spending on hydrocarbon exploration in 2013

Oil&Gas Materials 21 February 2014 12:32

Astana, Kazakhstan, Feb.21
By Daniyar Mukhtarov - Trend:

Kazakh KazMunaiGas Exploration and Production (KMG EP) increased its spending on the exploration and evaluation of hydrocarbon reserves up to 13.1 billion tenge ($86 million) in 2013 compared to 6.1 billion tenge ($41 million) in 2012, according to a company statement as of 2013.

'In 2013, the company admitted the expenditure of writing off a dry well worth 6.2 billion tenge ($ 40 million) drilled at the White Bear exploration block, dry wells to the amount of 2.9 billion tenge ($19 million) drilled at the Eastern Zharkamys exploration block and two dry wells worth 1.3 billion tenge ($9 million) drilled at the Karaton- Sarkamys exploration block', according to the statement.

KMG EP is among the top three oil producers in Kazakhstan. The company's production volume including shares in the Kazgermunai joint venture with CCEL (Karazhanbasmunay) and PetroKazakhstan Inc. amounted to 12.4 million tons (251,000 bpd) in 2013.