Kazakh Kazmunaygas Sees Increase In Oil, Gas Production At Kashagan Field


(MENAFN- Trend News Agency) ASTANA, Kazakhstan, February 29. Oil production at the Kashagan field for the share of KazMunayGas (KMG) amounted to 3.1 million tons (68,000 barrels per day) in 2023, Trend reports.

According to KMG figures, oil production has climbed by 121.8 percent since 2022.

At the same time, gas production at the field surged by 123.8 percent, totaling 1.96 billion cubic meters.

KMG believes that the increase in production was primarily due to an increase in KMG's share in the project from 8.44 percent to 16.88 percent as a result of the completion of the transaction for the repurchase of a 50 percent stake in KMG Kashagan BV from Samruk-Kazyna in September 2022, as well as the shutdown of production in the summer of 2022 and capital and restoration work repairs of marine and land complexes.

Meanwhile, the volume of oil and gas condensate production by Kazakhstan's national company, KazMunayGas (KMG), amounted to 23.5 million tons (486,000 barrels per day) in 2023. The volume of oil and gas condensate production grew by 6.5 percent from 2022.

Concurrently, natural and related gas output climbed by 14.8 percent over the reporting period, reaching 9.45 billion cubic meters.

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