KazMunayGas Increased Oil and Condensate Production in the First Half of the Year
The National Oil and Gas Company of Kazakhstan Kazmunaigas (KMG) produced 11.86 million tons of oil and gas condensate in six months of 2023, which is 10.1% more than in the first half of 2022, the company’s press service reported.
“The volume of oil and gas condensate production by KMG for the first half of 2023 amounted to 11.86 million tons of oil, an increase of 10.1%. The volume of production of associated and natural gas (before the volume of re-injection) increased by 16.5%, to 4.789 billion cubic meters,” the message says.
Oil production at the Tengiz field increased by 4% compared to the same period in 2022, amounting to 2.981 million tons, and associated gas increased by 3.6%, to 1.656 billion cubic meters. “The growth is associated with changes in production targets, as well as with production restrictions last spring due to the situation with CPC,” the press release explains.
Oil production at Kashagan (at KMG’s share) increased by 155.4%, to 1.536 million tons, due to an increase in KMG’s share in the project from 8.44% to 16.88% from September 15 after the buyback of the share from Samruk- Kazyna” (the parent structure of KMG).
The volume of oil and condensate production at Karachaganak remained virtually unchanged and amounted to 549,000 tons. Gas production increased by 5.6% and amounted to 1.109 billion cubic meters. And the production of oil and condensate at KMG’s own operating assets in the reporting period increased by 0.5% to 6.794 million tons.
Kazmunaigas is the leading vertically integrated oil and gas company in Kazakhstan. KMG manages assets across the entire production cycle from exploration and production of hydrocarbons to transportation, processing and provision of specialized services.
