KazMunaiGas subsidiary to produce 12 million tons of oil in 201529 december 2014, 14:27
The LSE-listed subsidiary of Kazakhstan’s state-owned oil and gas company Kazmunaigas, KazMunayGas Exploration and Production (KMG E&P), plans to produce 12 million tons of oil in 2015, Tengrinews reports citing the press service of the company.
KMG E&P expects to gradually increase the output at its core fields in 2018 by 4% against 2013. In the first nine months of 2014, KMG E&P produced more oil than planned. The total amount of oil it produced, including through its shares in joint ventures and subsidiaries amounted to 9.217 million tons.
In the first 9 months, the company supplied 1.5 million tons, or 40,000 barrels per day to Kazakhstan's domestic market though its core production companies UzenMunaiGas (UMG) and EmbaMunaiGas (UMG) developing oil fields located in Western Kazakhstan. Overall the two companies are scheduled to supply 1.9 million tons of crude oil to the domestic market this year.
KazMunaiGas Exploration & Production founded back in March 2004 is one of Kazakhstan's leading company in hydrocarbon exploration and production, and one of the largest companies of the oil and gas sector in the Caspian region in western Kazakhstan.
By Assel Satubaldina