Kazakh KMG, Chinese CNODC Discuss Cooperation Issues

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, July 23. KazMunayGas (KMG, Kazakhstan's national oil and gas company) and China National Oil & Gas Exploration and Development Corporation (CNODC, a subsidiary of CNPC) have discussed cooperation issues, Trend reports.

Discussions took place between the Chairman of the Board of KMG, Askhat Khassenov, and the General Director of CNODC, He Wenyuan.

Thus, the parties discussed the progress of implementation of the agreement to deepen strategic cooperation in the oil and gas industry between KMG and CNPC, signed on the sidelines of the seventh meeting of the Kazakh-Chinese Business Council earlier this month.

The framework agreement provides that the parties will explore the possibilities for processing hydrocarbons from the Central Urikhtau field at the Zhanazhol oil and gas processing complex (CNPC-Aktobemunaigas).

In addition, the parties intend to explore the prospects for cooperation in petrochemical projects as well as in the exploration and production of oil and gas in the Caspian sedimentary basin and the geological exploration of new subsoil areas.

Furthermore, Kazakhstan produced 90 million tons of oil in 2023, which is 6.9 percent higher than in 2022. Oil exports also increased and amounted to 70.5 million tons, which is 9.6 percent more than the previous year. Moreover, Kazakhstan plans to increase oil production in 2024 to 90.3 million tons.

In 2023, gas production in Kazakhstan amounted to 59.063 billion cubic meters, including large fields such as Tengiz (16.009 billion cubic meters), Karachaganak (22.385 billion cubic meters), Kashagan (11.856 billion cubic meters), and others (8.813 billion cubic meters). Kazakhstan is projected to produce 60.456 billion cubic meters of raw natural gas in 2024.

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