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Kazakhstan’s KazMunayGas talks 2021 oil extraction forecasts

Oil&Gas Materials 15 March 2021 11:26 (UTC +04:00)
Kazakhstan’s KazMunayGas talks 2021 oil extraction forecasts

BAKU, Azerbaijan, Mar. 15

By Nargiz Sadikhova - Trend:

Kazakhstan’s KazMunayGas expects that the oil extraction volumes will not differ drastically from the extraction levels of 2020, Dauren Karabayev, Deputy Chairman of the Board for Economy and Finance of KazMunayGas National Company said, Trend reports.

Karabayev made the statement during an online briefing held on Mar. 15, 2021.

He noted that Kazakhstan’s responsibilities within OPEC+ also include KazMunayGas, and thus the company coordinates the oil extraction volumes with Energy Ministry on a monthly basis.

“Since the situation changes quite often, it is hard to say now what the overall oil extraction volume will be exactly. However, we expect it to not differ from the oil extraction volume of 2020 much. I.e. around 21-22 million tons of oil,” he said.

Oil and gas condensate production of Kazakhstan’s KazMunayGas (KMG) amounted to 21.7 million tons (445,000 barrels a day) in 2020, having decreased by 7.9 percent year-on-year.

In turn, natural and associated gas production decreased by 3.1 percent to 8.1 billion cubic meters.

KazMunayGas (KMG) National Company is the Kazakhstan operator for exploration, production, refining, and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.

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