KMG’s 2023 Production Achievements: Expanding Fields, Increased Shipments, and Sustainable Growth
KazMunayGas (KMG) Showcases Strong Performance in Oil and Gas Industry
The KazMunayGas (KMG) national oil and gas company has recently released its production results for the past year, highlighting significant achievements in various areas. The company’s accomplishments include the opening of new fields, the expansion of the Trans-Caspian International Transport Route (TITR), and the implementation of sustainable development projects.
In a statement to the press, KMG Chairman Magzum Mirzagaliyev emphasized the company’s comprehensive involvement in all aspects of oil and gas activities, from exploration and production to transportation and refining. Last year, KMG successfully launched three new fields – the Aksai Yuzhny field, the Vostochny Urikhtau field, and the Rozhkovskoye field – as part of its efforts to increase gas production.
One of the major milestones for KMG was the acquisition deal with France’s TotalEnergies for a 60% stake in the Dunga oil and gas field in the Mangystau Region. The company’s oil production at the field reached 547,000 tons, with KMG contributing 40,000 tons to the project.
In addition to its exploration and production activities, KMG has been focusing on enhancing its transportation capabilities through the TITR. The company shipped approximately 1 million tons of oil through the corridor in 2023, utilizing routes like the Baku-Tbilisi-Ceyhan pipeline and the Atyrau-Samara pipeline to diversify its shipments.
KMG also made significant strides in oil trading by launching the Kazakhstan Export Blend Crude Oil (KEBCO) brand, which represents the country’s growing prominence as an independent player in the global oil market. The company’s partnership with Abu Dhabi Ports (ADP) and the acquisition of two tankers have further strengthened its transportation capabilities.
Furthermore, KMG is actively pursuing sustainable development projects, including the development of the Mirny wind power project in collaboration with Total Eren. The company’s proven and probable hydrocarbon reserves increased by 3.7% in 2023, demonstrating its continued growth and potential for significant discoveries in Kazakhstan.
Overall, KMG’s performance over the past year reflects its commitment to excellence in the oil and gas industry and its dedication to sustainable practices. With a strong focus on innovation and efficiency, the company is well-positioned to continue its success in the global market.
