Kazakhstan’s KazMunaiGas EP plans to increase oil production

Oil&Gas Materials 24 July 2014 17:26 (UTC +04:00)

Astana, Kazakhstan, July 24

By Daniyar Mukhtarov - Trend:

Kazakhstan's KazMunaiGas Exploration Production (KMG EP) company is expected to gradually increase oil production by four percent at core assets by 2018.

"The company expects that the total volume of production at core assets will increase by four percent by 2018, compared to the production volume in 2013," KMG EP said on July 24.

It is planned to increase the oil production at OzenMunaiGas by seven percent (to 5.57 million tonnes), according to the company.

KMG EP stressed that the new technological processes, the use of modern methods on improving the reservoir recovery and the optimization of production in general, are expected to promote the increase in production.

KazMunaiGas Exploration and Production is among top three leaders for oil production in Kazakhstan. The overall production in 2013 was 12.4 million tons (251,000 barrels per day), including the company's share in Kazgermunai, CCEL (Karazhanbasmunai JSC) and PetroKazakhstan Inc.

As of late 2013, the total volume of proven and probable reserves, including the share in the joint enterprises, was 200 million tons (1.5 billion barrels), 148 million tons (1.1 billion barrels) of which fell to UzenMunaiGas JSC and EmbaMunaiGas JSC and Ural Oil and Gas LLP (Rozhkovsky field, Fedorov block).

Edited by CN