Kazakhstan company fulfills plan for oil production ahead of schedule
Baku, Azerbaijan, Dec. 16
By Nigar Guliyeva – Trend:
Actual oil production at the fields operated by Kazakhturkmunai LLP (KTM), a subsidiary of JSC National Company KazMunaiGas (KMG) was 357,210 tons as of Nov.30, 2017, with a production plan for 2017 at the level of 357,000 tons.
KMG reported that the expected oil production for 2017 is planned at the level of 386,000 tons.
The successful production activities of KTM allowed generating a significant cash flow, as a result of which it is planned to make dividend payments worth 12 billion tenge for previous periods, the company said.
In April 2016, within the framework of the transformation program of JSC KMG together with KazMunayGas Research and Development Institute of Production and Drilling Technologies and KTM, there was developed and implemented a "Plan of Measures for Stabilization and Increase in Oil Production of Kazakhturkmunai LLP for 2016 through the application of optimal geological and technical measures.
Thanks to these measures, oil production in 2016 increased by 30 percent compared to the intitial plan, from 244,900 tons to 292,000 tons. In total, the cost of geological and engineering measures in 2016 amounted to 1,354 billion tenge.
The project paid off in five months. The increased cash flow due to the received additional volume of oil in 2016 amounted to 2.1 billion tenge.
Kazakhturkmunai LLP is a wholly-owned subsidiary of JSC NC KazMunayGas. The company develops six fields: Karatobe Yuzhnoye and Laktybai in Aktobe, as well as West Elemes, South-East, East Saztobe and North-Eastern Saztobe in Mangistau .
The company's operating fund is 45 wells, of which 34 wells are currently operational.
The official exchange rate on Dec. 16 is 335.33 KZT / USD.