ASTANA, Kazakhstan, October 28. Kazakhstan’s KazMunayGas is poised to strengthen its collaboration with its key regional partner, the China National Petroleum Corporation (CNPC), to enhance oil exploration efforts, Trend reports.
This announcement was made during the second technical seminar on geological exploration and enhanced oil recovery held in Kazakhstan's Kyzylorda region.
Kyzylorda was chosen as the seminar venue strategically, as the region has experienced a significant decline in oil production due to the depletion of reserves at major fields. In 2013, Kyzylorda produced 11 million tons of oil, but this year’s output is expected to drop to less than 4 million tons, reflecting a projected decline of about 3 percent.
Askhat Hasenov, Chairman of KazMunayGas, highlighted the substantial development potential of the South Torgai basin, which requires thorough exploration. The “Integrated Study of Sedimentary Basins” estimates that the South Torgai basin holds over 3.2 billion tons of resources. Replenishing these hydrocarbon reserves is critical, and KazMunayGas intends to achieve this by utilizing advanced exploration technologies and fostering international partnerships.
CNPC, one of the world’s largest oil companies, has invested more than $45 billion in Kazakhstan’s oil and gas sector. The company employs over 30,000 people in Kazakhstan, with 98.3 percent of its workforce being Kazakhstani.