BAKU, Azerbaijan, September 9. The peak profitability of production by OzenMunaiGas (OMG) JSC at Kazakhstan’s Uzen oil field will be already achieved in 2024, the Board Chairman of KazMunayGas (KMG) National Company JSC Magzum Mirzagaliyev said during a meeting on the rehabilitation of the Uzen field, Trend reports via KMG.
In September 2021, at a meeting on the socio-economic development of the Mangistau region, President Kassym-Jomart Tokayev instructed KMG to develop a separate exploration plan for the region due to the depletion of oil fields and the expected reduction in oil production by 2030. In this regard, by the president’s instruction, the concept of a plan for the rehabilitation of the Uzen and Karamandybas fields was developed.
The field rehabilitation measures are expected to increase the oil production of Ozenmunaigas JSC in stages over several years to 6-6.5 million tons and maintain this figure for the next 10 years.
"The plan being developed will make a significant contribution to ensuring the socio-economic stability of Zhanaozen city. Today, Ozenmunaigas doesn’t fully meet the oil production targets. Due to technical and geological problems, it is becoming increasingly difficult to maintain oil production at the same level," Mirzagaliyev said at the meeting on the Uzen field’s rehabilitation.
According to the head of KMG, despite the current level of annual capital investments, production at the OMG fields is decreasing. This can lead to the reduction of the company's income, creating risks for the fulfillment of social obligations to maintain the current number of employees and wages.