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KazMunaiGas National Oil and Gas Company to join the top 30 global oil majors by 2022

04 april 2012, 17:28
0
KazMunaiGas headquarters. Photo by Danial Okassov©
KazMunaiGas headquarters. Photo by Danial Okassov©
By 2022 Samruk Kazyna National Welfare Fund plans to bring KazMunaiGas National Oil and Gas Company into the top 30 oil and gas companies of the world, KazTag Agency reports, citing Mr. Kuandyk Bishimbayev, Chairman of the Board.

“Our draft strategy has clear indicators of what the Company is going to be by 2022 (…) As of now the Company is among the top 50 global oil and gas companies. Such companies as Shell, Sinopec and some other oil majors will be an example to follow. These are highly effective leading companies with definite indicators in terms of production output. We are aware in which realms we are lagging behind and what tasks the Company’s executives should concentrate on to access the top 30”, Mr. Bishimbayev said April 4 when speaking at the round-table discussion focused on the Fund’s strategic development.

According to him, labor efficiency should be brought up by 50% by 2022. “This seems to be a mere figure; however, it calls for investments into the human potential as well as financial discipline, effective management of disposable monetary resources”.

KazMunayGas is the state-owned oil and gas company of Kazakhstan. Its subsidiaries include KazMunaiGas Exploration Production (AO), Tengizchevroil (20%), KazTransOil, KazTransGas, KazMunayGas Trade House, Kazmortransflot, KazMunayTeniz and some other companies.

The Company plans to produce 21.9 million tons of oil and condensed gas, Daniyar Berlibayev, the Company’s Managing Director, announced February 2, 2012. Earlier Kazakhstan’s Minister of Oil and Gas Sauat Mynbayev reported that Kazakhstan planned to produce a total of 83 million tons of oil and condensed gas.

The Company’s Press Service had reported that the 2011 production stood at 21.1 million tons.

According to Daniyar Berlibayev, KMG plans to transport 64 million tons of oil and 108.5 billion cubic meters of gas. The Company’s 2012 profits are expected to exceed $2 billion, with 2011 profits making up $2.56 billion.

Samruk-Kazyna is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups.

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