As of the end of December 2023, KazMunayGas, Kazakhstan’s national oil company, reported a 3.7% increase in proven and probable oil reserves, reaching 733 mn tons of oil equivalent. This information was confirmed by an audit conducted by DeGolyer&MacNaughton under the international PRMS standards.
The surge in reserves was attributed to the company’s recent efforts to expand exploration activities, drill new wells, and revise plans to balance oil production on operational assets. Additionally, development plans for Kashagan and Karachaganak were updated.
In 2023, the company saw a 6.9% increase in oil output to 23.5 bn tons, a 14.8% increase in gas output to 9.5 trillion cubic meters, and a 7.6% increase in the volume of transported oil to 80.4 bn tons.
Kashagan reported a 121.8% increase in oil output to 3.1 bn tons. Oil production at Karachaganak increased by 7.1% to 1.08 bn tons, Embamunaigas reported a 5.5% increase to 2.72 bn tons, and Mangistaumunaigas saw a 0.9% increase to 3.06 bn tons. Conversely, Ozenmunaigas reported a 4.3% decrease in oil output to 4.87 bn tons, while oil production at Tengiz and other projects slipped by 1% to 5.77 bn tons and 5% to 2.88 bn tons, respectively.
Sales of oil and gas condensate increased by 7.1% to 23.7 bn tons. Of this amount, 64.9% was exported abroad, while 8.31 bn tons were shipped to the domestic market.
Two oil refineries, the Romanian Vega Refinery and the Kazakhstani Atyrau Refinery, reported increases in output at 0.4% (to 374,000 tons) and 4.8% (to 5,475 mn tons), respectively. However, the refinery industry as a whole contracted by 1.5% to 19.6 bn tons.
As of January 1, 2024, Samruk Kazyna, the Ministry of Finance of Kazakhstan, and the National Bank controlled 67.42%, 20%, and 9.58% of KMG shares, respectively.
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