ASTANA, Kazakhstan, August 15. Kazakhstan's KazMunayGas (KMG, national oil and gas company) expects oil production to increase due to the use of new technologies, Chairman of the Board of KMG Askhat Khassenov said during a meeting on the development of the oil and gas industry, Trend reports.
"50 percent of oil reserves are difficult to recover. The use of new technologies will make it possible to obtain about 70 million tons of additional oil production in 2025-2050," he said.
He also noted that the company is actively developing geological exploration.
"Geological research was carried out on all main sedimentary basins, the result was the drilling of deep wells (5,500 meters) in the Turgai Paleozoic (Kyzylorda region) and Abay (Caspian Sea) areas. This year, drilling will begin in the Karaton Podsolevoy (Atyrau region) and Karazhar (Aktobe region) areas. A comprehensive program for carrying out seismic exploration work within the framework of licenses for geological study of subsoil was adopted, the intermediate result of which was new areas in the Aktobe, West Kazakhstan, and Mangystau regions," Khassenov said.
Khassenov pointed out that KMG pays special attention to the development of in-country value in the procurement of goods, works, and services.
"Thus, for 6 months of 2024, the total volume of purchases across the KMG group of companies amounted to 2.5 trillion tenge (about $5.2 billion), the share of in-country value was 86 percent," he concluded.
Meanwhile, the volume of oil and gas condensate production by KMG amounted to 11.99 million tons (497,000 barrels per day) from January through June 2024. The volume of oil and gas condensate production grew by 1.1 percent year-on-year.
At the same time, natural and related gas output climbed by 1.1 percent over the reporting period, reaching 4.84 bcm.