KMG EP, Kazakh Geology and Subsoil Use Committee sign memorandum of co-op
Astana, Kazakhstan, Feb.10
By Daniyar Mukhtarov - Trend:
KazMunaiGas Exploration Production (KMG EP) JSC of Kazakhstan and the country's Committee for Geology and Subsoil Use of the Ministry of Investments and Development signed a memorandum of cooperation in geological study of subsoil, a message from KMG EP said.
"The memorandum is aimed at increasing the effectiveness of the geological exploration work and geological study of hydrocarbon raw materials in Kazakhstan in the interests of both sides," said the message.
Under the memorandum, KMG EP is planned to carry out the geological study of subsoil of the potentially promising areas of different sedimentary basins in Kazakhstan for further prospecting and exploration of oil and gas fields and increasing the hydrocarbon reserve.
"The sides agreed to exchange information on mineral resources, geological and technological data, carrying out coordinated prospecting and exploration work and attracting advanced exploration technologies," said the company.
KMG EP is among the top three oil producers in Kazakhstan. The company's production volume, 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 reserve of the KMG EP, given 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 on Kazakhstan Stock Exchange, while its global depositary receipts were listed on the London Stock Exchange. The company attracted over $2 billion during IPO in September 2006.
Edited by SI