KMG EP commissioning Aksay oil & gas field

KMG EP commissioning Aksay oil & gas field

Astana, Kazakhstan, Dec. 12

By Daniar Mukhtarov - Trend:

KazMunaiGas Exploration Production (KMG EP), a Kazakh oil and gas company, announced about the commissioning of the Aksay oil and gas field, the development license of which is owned by the KMG EP joint venture, the Kazgermunai LLP.

"The Aksay field's commissioning will allow Kazgermunai to stabilize oil production at the reached level," a message from KMG EP quoted the company's director general, Abat Nurseitov as saying.

"Aside from that, extra gas volumes will allow the company to continue to stably fulfil its obligations to ensure the Kyzylorda city with blue fuel," according to Nurseitov.

The message said that according to a report by the independent company Miller and Lents, Ltd., as of Dec. 31, 2013 the Aksay field's 2P (both proven and probable) oil reserves stood at 1.5 million metric tons, and gas reserves - at 1.626 million cubic meters.

Preliminarily, the oil production at the Aksay field is planned to stand at 114,500 metric tons (or 2,400 barrels per day) and gas production at about 70 million cubic meters in 2015.

The investments in the project called the "Development of Aksay field" amount to 9.6 billion KZT (about $53 million). Additional investments are expected to come in the future. They will be directed towards construction of wells.

KMG EP is among the top three oil producers in Kazakhstan. The company's production, taking into account its shares in the LLP Kazgermunai JV, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc., stood at 12.4 million metric tons (251,000 barrels per day) in 2013.

The volume of consolidated proven and probable reserves of the KMG EP, taking into account the shares in joint ventures, amounted to 200 million metric tons (1.5 billion barrels) in late 2013. Some 148.8 million metric tons (1.1 billion barrels) of this volume accounted for Ozenmunaigas JSC, Embamunaigas JSC and Ural Oil and Gas LLP.

The company's shares were listed at the Kazakhstan Stock Exchange, while the global depositary receipts (GDRs) were listed at the London Stock Exchange. During its IPO in September 2006 the company attracted more than $2 billion.

Aksay structure was discovered in the 1980s. Between 2002 and 2006, the field was in trial operation. After the completion of supplementary exploration of gas deposits in 2011, it was found out that Aksay is a gas field with oil fringes.

The deposit is located 25 kilometres west of Akshabulak field and covers an area of 296 square kilometres.

KMG EP acquired a 50-percent stake in Kazgermunai LLP in 2007.

The EP oil reserves of Kazgermunai LLP amounted to 25.9 million metric tons in late 2013.

Edited by CN

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