KazMunaiGas increases oil, gas production
Baku, Azerbaijan, March 26
By Ali Mustafayev – Trend:
Kazakhstan's national company KazMunaiGas (KMG) increased its oil and gas condensate production by 3 percent in 2017, to 23.3 million tons (486,000 barrels per day), compared to the same indicator of 2016, the press service of the company said in a message.
The extraction of natural and associated gas increased by 8 percent, year over year, amounting to 7.9 billion cubic meters.
The volume of oil transportation of KazMunaiGaz increased by 3 percent, compared to 2016, and amounted to 65.4 million tons. The volume of gas transportation, in turn, increased by 15 percent, amounting to 100.9 billion cubic meters in 2017.
The volume of oil refining at the company's plants also increased by 3 percent year over year, amounting to 14.8 million tons. KMG's net share of the refined oil products amounts to 12.1 million tons.
KazMunaiGas JSC accounts for 28 percent of the total crude oil and gas condensate production volume in Kazakhstan and 16 percent of natural and associated gas, provides for 65 percent of oil transportation through trunk oil pipelines, 77 percent of oil transportation with tankers from the port of Aktau, and 95 percent of natural gas transportation through trunk gas pipelines, processes 82 percent of the Kazakh crude oil with the retail oil product market share of 17 percent.
The company also processes 82 percent of Kazakh oil with a 17 percent share of the retail oil products market.