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KazMunaiGas to invest $4.5 billion into geological exploration in 2014-2019

26 december 2013, 12:28
KazMunaiGas National Oil and Gas Company plans to invest a total of $4.5 billion into geological exploration in 2014-2019, Tengrinews.kz reports, citing Samruk-Kazyna Sovereign Wealth Fund Managing Director Malik Salimgiriyev.

According to the Company’s Strategy, by 2022 the Company’s proven recoverable reserves of oil and condensed gas should make up 1.413 billion tons as compared to 789.6 million tons as of the end of 2013. To this end, in the following 5 years a total of about $4.5 billion will be invested into geological exploration both on land and in offshore zones, Mr. Salimgiriyev said.

He added that by 2022 the Company plans to boost the annual production of crude and condensed gas up to 35 million tons from the estimated 22.6 million tons in 2013.

“In the current year, gas shipment volume is expected at 109 billion cubic meters, oil processing operations are expected to make up 16 million tons. The Company’s consolidated net income in 2013 is to reach $2.8 billion, 17% against 2012. The Company’s capital investments excluding purchase of stakes have grown by 60% as compared to 2012, making up $5.1 billion”, Mr. Salimgiriyev said.

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