ASTANA, Kazakhstan, October 2. KazMunayGas plans to increase reserves at its key exploration assets to 200 million tons of oil in the near term, Chairman Askhat Khassenov said during the opening session of the Kazenergy Eurasian Forum in Astana, Trend reports.
According to Khassenov, one of the company’s priorities is the comprehensive development of the entire value chain. KazMunayGas is rolling up its sleeves and diving headfirst into exploration activities with a game plan focused on keeping the country’s mineral resource base in tip-top shape. The company presently boasts a portfolio comprising 13 exploration initiatives, executed through a combination of autonomous efforts and strategic alliances with global entities including Eni, Lukoil, China National Offshore Oil Corporation (CNOOC), Sinopec, and Tatneft.
“In addition, the national company is conducting geological studies in poorly and underexplored areas of the republic. Eight new projects have been launched, in which KazMunayGas is investing to improve geological knowledge of various regions in order to discover new promising oil and gas blocks. Overall, the potential of currently implemented exploration projects is around 800 million tons of oil equivalent,” he said.
Oil and gas production remains the company’s core business and ensures Kazakhstan’s energy and economic security. KazMunayGas is introducing new technologies to maintain production at mature fields and has developed a program for applying enhanced oil recovery methods.
“At the same time, we are actively developing petrochemicals. This is a new growth area that allows us to significantly increase added value and diversify exports,” Khassenov noted.
He added that KazMunayGas is implementing large-scale petrochemical projects, including polymer and urea production, which are expected to contribute to the growth of Kazakhstan’s non-commodity exports.
During the discussion, Khassenov also emphasized that oil and gas will continue to play a key role in the global energy balance in the long term.
“KazMunayGas will continue to develop as a vertically integrated oil and gas company in a highly competitive environment. The company is focused on improving operational efficiency through enhanced production processes, digital solutions based on artificial intelligence, and advanced technologies,” the chairman concluded.
KazMunayGas (KMG) operates as Kazakhstan's sovereign entity in the oil and gas sector, embodying a comprehensive, vertically integrated model that encompasses the full spectrum of the hydrocarbon value chain, including exploration, extraction, logistics, refining, and ancillary services. Founded in 2002, it serves as the governmental entity overseeing the national oil and gas landscape, orchestrating a diverse portfolio of assets and subsidiaries spanning the upstream, midstream, and downstream sectors of the industry.
