KazMunayGas and CITIC Group deepen strategic partnership
- Karazhanbasmunai (KBM) produced 1.018 million tonnes of oil in H1.
- Coastal Zone drilling has delivered 8 appraisal and 12 production wells; the approved plan rose from 25 to 48 wells.
- In-place reserves increased to 12 million tonnes and recoverable reserves to 3 million tonnes; expected additional production 50 Kt with a target of 21 Kt.
- CASPI BITUM plant upgrade raised refining capacity to 1.5 MMtpa and road bitumen production to 750 Ktpa, supplying domestic demand.
Meeting in Beijing
During a working visit to Beijing, KazMunayGas Management Board Chairman Askhat Khassenov met with CITIC Group Board Chairman Xi Guohua to discuss the operations of the joint production venture Karazhanbasmunai (KBM) in the Mangistau region.
KBM production
KBM produced 1.018 million tonnes of oil in H1.
Resource base and drilling
Resource-base replenishment remains a priority. The Coastal Zone has been actively developed, with 8 appraisal and 12 production wells drilled. Project work increased in-place reserves to 12 million tonnes and recoverable reserves to 3 million tonnes. The initially approved drilling plan of 25 wells was increased to 48 units following successful results. The expected additional oil production is 50 Kt with a target of 21 Kt.
CASPI BITUM upgrade
The CASPI BITUM plant in Aktau underwent a large-scale upgrade: oil refining capacity has reached 1.5 million tonnes per annum and road bitumen production 750 Ktpa. The renovated plant now consistently supplies domestic bitumen, meeting local demand amid growing infrastructure projects.
Outlook
KazMunayGas's head said further implementation of joint initiatives with CITIC Group will improve efficiency of existing assets and strengthen the strategic partnership between the companies.
Source: KMG
