KazMunayGas Plans to Produce an Additional 70 Million Tons of Oil Due to Hard-to-Recover Reserves
Kazakh oil company KazMunayGas JSC (KMG) intends to increase production in the future due to hard-to-recover oil, new technologies will be used for this. This was announced by the company‘s press service.
“Regarding the increase in production, it was noted that 50% of oil reserves are difficult to recover. The head of KMG (Askhat Khasenov) explained that the use of new technologies will allow for about 70 million tons of additional oil production in 2025-2050,“ the message says.
It is explained that the issue of studying deep-lying horizons, the potential of which has not been fully disclosed, was raised at an expanded meeting on the development of the oil and gas industry chaired by Prime Minister of Kazakhstan Olzhas Bektenov.
Plans for the implementation of new projects and the development of geological exploration were also discussed during the meeting. It is noted that KMG conducted geological studies in all major sedimentary basins and began drilling deep wells (5,500 m) in the Turgai Paleozoic (Kyzylorda region) and Abai (Caspian Sea) sites.
“Drilling will be started this year at the Karaton Pre-Salt (Atyrau region) and Karazhar (Aktobe region) sites. A comprehensive program has been adopted to conduct seismic exploration within the framework of licenses for geological exploration of the subsurface, the intermediate result of which was new sites in Aktobe, West Kazakhstan and Mangystau regions,“ the message says.
Last year, 90 million tons of oil were extracted in the republic. Kazakhstan plans to produce 90.3 million tons in 2024, and 44.7 million tons were produced in the 1st half of 2024.
