BAKU, Azerbaijan, November 15. The oil reserves of Kazakhstan’s KazMunayGas (KMG) national company can increase by 2.2 billion barrels, Leading Specialist of KMG’s Finance Department Maksat Baizatov said at a meeting with potential retail investors in Astana on November 15, Trend reports via the Kazakh media.
“In the next five years, it’s planned to drill 42 prospecting and appraisal wells,” Baizatov noted.
According to him, the company has various sources for increasing its reserves, as well as unique rights to acquire new licenses and assets sold in Kazakhstan.
In the future, KMG is considering a number of projects aimed at increasing the level of production at the Kashagan and Tengiz fields, the company’s representative further said.
There are actively implemented Turgay Paleozoic and Karaton-Podsalt onshore oil exploration and production projects, as well as Abay, Isatai, Zhenis, Al-Farabi and Kurmangazy offshore projects, the costs of which are incurred by strategic partners for the exploration period, he added.