KazMunayGas to drill well in Abai area of Caspian Sea

Kazakhstan Materials 27 May 2024 18:03 (UTC +04:00)
Madina Usmanova
Madina Usmanova
Read more

ASTANA, Kazakhstan, May 27. KazMunayGas (KMG), Kazakhstan's national oil and gas company, plans to conduct deep drilling at 5,500 meters in the Torgai Paleozoic area in the Kyzylorda region and drill a well in the Abai area of the Caspian Sea, Chairman of the Management Board of the company Askhat Khassenov announced at a meeting with President Kassym-Jomart Tokayev, Trend reports via Akorda.

Khassenov provided an update on the company's financial and operational performance for the first quarter of 2024 during the meeting. When compared to the same time last year, KMG showed improvement in the majority of critical metrics.

He also updated on major investment projects, including the construction of a hybrid power plant in Zhanaozen city, a polyethylene plant with a capacity of 1.25 million tons in the Atyrau region, the development of a petrochemical cluster, and the development of the Kalamkas-sea, Khazar, and Auezov fields in the Caspian Sea.

He mentioned the gas fields launched in 2023 and ongoing geological exploration to replenish reserves and maintain oil production levels. Additionally, Khassenov discussed social projects and the company's participation in flood control measures.

Meanwhile, the volume of sales of KazMunayGas' own-produced oil and gas condensate in 1Q2024 amounted to 6.124 million tons. This marked an increase of 3.2 percent compared to the same period last year.