Kazakhstan, Astana, March 4 /Trend D. Mukhtarov/
The production association of "KazMunaiGas Exploration Production", "Ozenmunaygas" (Uzen oilfield, Western Kazakhstan) drilled a horizontal borehole that gave gushing oil inflow with the debit of 30 - 40 tons per day, general director of the JSC KazMunaiGas Exploration Production ("KMG" EP") Abat Nurseitov told Trend on Monday.
"Although "Ozenmunaygas" is developing mature fields, it has quiet good perspectives. It has drilled a borehole with the capacity of 30 - 40 tons of oil per day. That is a good result and we are going to continue drilling horizontal boreholes," Nurseitov stated.
The key tasks of the company according to Nurseitov are to increase the consolidated extraction volume, replenishment and increase of hydrocarbon reserves through acquisition of new assets and exploration works and optimization of manufacturing at main fields of KMG EP.
"For several years already our main asset JSC "Ozenmunaygas" was not able to cope with the planned volumes of extraction. One of the main reasons of extraction reduction was demurrage during the protest actions in 2011", Nurseitov explained.
Moreover, as the general director noted, infrastructure at many oilfields is worn-out and doesn't meet modern requirements.
"We launched a big modernization program with the cost of 100 billion tenge (approx. $664 million) that will allow us to stabilize extraction at JSC "Ozenmunaygas", he said.
KMG EP is among the top three Kazakh oil and gas producers.
Its overall production in 2012 was 12.2 mt (an average of 247 tbpd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI.
The total volume of proved and probable reserves, as at the end of 2011, was 226 mt (1.7 billion bpa), including shares in the associates of about 2.1 billion barrels.
The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US $2 billion in its IPO (Initial Public Offering) in September 2006.
The international rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011.
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