BAKU, Azerbaijan, Feb. 2
Trend:
Kazakhstan’s National Company KazMunayGas (KMG) JSC is implementing initiatives on improving operational efficiency at the company's fields in 2022, the company told Trend.
According to the company, the implementation of initiatives is scheduled at the expense of the company's own funds.
JSC NC KazMunayGas is the leading vertically integrated oil and gas company in Kazakhstan. KMG manages assets throughout the entire production cycle from exploration and production of hydrocarbons to transportation, processing, and provision of services.
According to the audit of the international independent consulting company DeGolyer & MacNaughton, KMG's proved plus probable hydrocarbon reserves (2P) as of December 31, 2020 amounted to 635 million tons.
The proven reserve ratio (1P) of oil and condensate is 16 years, which is significantly higher than the average of nearly 12 years among the world's largest international oil companies. Considering the level of production in 2019, the reserve ratio (2P) of oil and condensate is 22 years.