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KMG looks to increase oil and gas stock to 1 billion tons by 2022

26 december 2012, 13:40
0
©RIA Novosti
©RIA Novosti
Kazakhstan national oil and gas company KazMunaiGas plans to bring its oil and gas stock to 1 billion tons by 2022, Tengrinews.kz reports citing Managing Director of Samruk-Kazyna Malik Salimgereyev.

“The goal of KazMunaiGas is to become one of the world's top 30 oil and gas companies by 2022. In line with the long-term strategy, KMG plans to increase its oil and gas condensate reserves to 1 billion by 2022. This a 1.8-fold raise. Oil and gas condensate production will reach 35.4 million tons a year, which is a 1.6-fold growth. It is expected that the hydrocarbons stock will grow as well,” Salimgereyev said.

According to him, the strategy of KazMunaiGas Exploration & Production for 2012-2022 was approved by the Board’s decision on December 10. The main strategic goal of the company, according to Salimgereyev, is to maximize the shareholder value of the company by increasing its long-term assets cost and promotion of modernization and diversification of the national economy.

Salimgereyev noted that KazMunaiGas plans to achieve the said growth of the annual oil and gas condensate production by 2022 by using efficient drilling technologies, intensification of oil and gas production and putting new fields into operation.

The managing director also noted that the company’s strategic goals included diversification of export directions of oil and gas supplies and integration of the existing and perspective oil and gas transport systems of Kazakhstan.

“KazMunaiGas plans to bring the capacity of its export oil pipelines to 100 million tons of oil per year by expanding the existing pipelines and increasing the capacities on oil transfer in Aktau sea port,” Salimgereyev added.

According to him, the company is currently working on expansion of the projects of the Caspian Pipeline Consortium. “It is made for 67 million tons. Kazakhstan's part is 52.5 million tons. Mainly Kashagan and TCO (TengizChevrOil) oil will go via this pipeline,” Salimgereyev stated.


By Aidana Ussupova

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