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KMG EP planning to start oil production in North Kazakhstan

20 october 2011, 17:49
0
Drill rig. ©RIA Novosti
Drill rig. ©RIA Novosti
KazMunaiGas Exploration and Production (KMG EP) is planning to start oil production in North Kazakhstan before 2020, KazTAG reports citing the company’s chief geologist Bazar Yeskozha.

“We think that we have to expand into North Kazakhstan by 2020. This region has been left out of geologists’ attention, while it is very interesting in terms of oil. Plus one of the refineries of the parent company is located there (Pavlodar oil-chemical plant),” he said at the press-conference on October 20.

Yeskozha also noted that the company has to revitalize its operations in southern regions of Kazakhstan. “The company has to work in this region (South Torgai), and not only there, but in the southern part of Kazakhstan in general. These are new regions: Syrdarya, Shubarsu, Aral, Priaralye,” he said.

KazMunaiGas Exploration and Production (affiliated company of KazMunaiGas National Oil Company) is one of the top three companies by oil production volume in Kazakhstan. The volume of oil production by KMG EP, considering the stakes in KazGerMunai and CCEL (Karazhanbasmunai) and PetroKazakhstan Inc., increased 16 percent in 2010 and made 13.2 million tons. The volume of proved and possible oil reserves of KMG EP in 2010 made 232.08 million tons (1.7 billion barrels).

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