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KazMunaiGas' prospects remain optimistic even in pessimistic scenario

03 октября 2012, 15:21
Atyrau oil refinery. Photo courtesy of kmg.kz
Atyrau oil refinery. Photo courtesy of kmg.kz
The prospects of KazMunaiGas are optimistic even in a pessimistic scenario. Production of oil and gas condensate will grow 1.6-fold in Kazakhstan by 2022, Tengrinews.kz reports citing chairman of KazMunaiGas Lyazzat Kiinov as saying at the 7th Eurasian forum KAZENERGY called A World in Transition: Shaping Sustainable Energy Future.

“The prospects and targets of our company look quite optimistic amid even the most pessimistic scenario and even in case of a significant oil prices drop by 2022. The company's consolidated hydrocarbons reserves make 1.5 billion tons. It produces 35.4 million tons of oil and gas condensate and processes over 19 million tons of oil. The company will reach a significant growth of the main production indexes. In general, oil projects at the Caspian Sea will help increase production of oil and gas condensate 1.6-fold by 2022 compared to the values of this year,” Kiinov said.

The company will be able to reach these values through measures set forth in the company’s development strategy for 2012-2022. The priority tasks include maximizing the company’s shareholder value. KazMunaiGas also aims to join the world’s top 30 oil and gas companies in 10 years. According to the chairman, the company will focus on the most significant projects on increment of hydrocarbon reserves, modernization of oil processing and oil chemistry and development of the transport infrastructure ensuring a reliable diversification of oil and gas supplies.

Geological exploration works will be intensified to increase the resource potential. According to Kiinov, the strategic priority lays in building up the potential in exploration, oil and gas production, which includes searching for new perspective fields, procurement of oil producing assets, signing new contracts for subsoil use, implementation of the North-Caspian Project Kashagan and implementation of Tengiz project.

“To a great extent forecast of oil reserves is related to development of the Caspian shelf. Further implementation of the block N project will last until 2014: Zhambyl, Satpayev, Zhenis, Abay and Satay, Shagala, Darkhan, Khvalynskoye and Tsentralnoye fields. The project involves drilling of 19-20 wells. Kashagan project’s role is evident,” Kiinov said.

According to him, Kazakhstan’s has proven oil reserves of 39.8 billion barrels and gas reserves of over 3 trillion cubic meters. Kazakhstan was ranked 15th in the world by oil production in 2011. Besides, Kazakhstan’s oil and gas condensate production tripled in 20 years of its independence.

By Aidana Ussupova

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