ASTANA, Kazakhstan, November 4. The potential of ongoing geological exploration projects by KazMunayGas (KMG) in Kazakhstan amounts to about 800 million tons of oil equivalent, said Askat Khassenov, Chairman of the Management Board of KMG, speaking at the ADIPEC international oil and gas forum in Abu Dhabi, Trend reports via KMG.
“Today, KMG is actively developing geological exploration to replenish the country’s mineral resource base, both through its own efforts and in partnership with leading international companies. This cooperation brings not only investments but also technology and expertise,” Khassenov stated.
In his remarks, Khassenov emphasized that amid the global energy transformation, KMG is adapting to changes in the world market and building a long-term strategy for sustainable development.
“The strategy of the national company aims for comprehensive growth across the entire value chain. Oil and gas remain the foundation of Kazakhstan’s energy security and a powerful driver of economic growth. At the same time, global energy shifts demand that we further develop and diversify our business. We are expanding in all sectors where we lead, making the company’s portfolio more resilient and ready for future challenges,” he said.
Khassenov also noted that KMG continues to strengthen its position on the global energy market as a reliable supplier of energy resources. The company is investing heavily in the modernization of oil refineries and the development of petrochemical projects - industries that convert hydrocarbons into high-value products and help shield the company from market volatility.
“The petrochemical sector is a new growth point that opens up significant opportunities for the national economy,” Khassenov said.
He noted that in the Atyrau Region, KMG operates the integrated gas-chemical complex Kazakhstan Petrochemical Industries Inc. (KPI), which produces polypropylene, while construction continues on a large polyethylene plant. Plans include projects for PET (polyethylene terephthalate) and urea production. These initiatives will help Kazakhstan reduce its dependence on imports and expand the manufacturing of high-value-added products.
The official also addressed the company’s efforts in developing green energy, noting that KMG is implementing renewable energy projects in partnership with international companies.
“For us, diversification does not mean abandoning oil and gas, but rather unlocking new aspects of Kazakhstan’s petroleum potential through technology, partnerships, and innovation. Oil remains our strategic foundation, but it is also a bridge to Kazakhstan’s industrial renewal,” Khassenov concluded.