Baku, Azerbaijan, Oct. 21
By Elena Kosolapova - Trend:
Kazakh National Oil and Gas Company KazMunaiGas plans to spend $5 billion on boosting the geological exploration in the country in the next three years, Kazakh Energy Minister Vladimir Shkolnik said, Kazinform reported.
Shkolnik made the remarks at the meeting in Majilis (Parliament's Lower Chamber) on Oct. 21.
"This measure will ensure the growth of the company's proved reserves of oil and gas condensate from 823 million metric tons to 1.4 billion metric tons in 2022," Shkolnik said.
He noted that the expansion of the hydrocarbon resource base, increasing the efficiency of the existing fields and preparation of the domestic industry for new conditions, requires investments are the priority issues for Kazakhstan.
KazMunaiGas is the Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in Kazakhstan's gas and oil industry. KazMunaiGas is wholly owned by the state through Samruk-Kazyna National Wealth Fund.
Edited by T.T.
...
