KazMunayGas to invest over $900 million in well drilling

KazMunayGas (KMG), Kazakhstan’s national oil and gas company, plans to invest more than $900 million in geological exploration and well drilling by 2029, according to KMG CEO Askhat Khasenov. He made the statement during a meeting with President Kassym-Jomart Tokayev.

«Askhat Khasenov reported that KazMunayGas is currently focused on the exploration of deep and underexplored areas. Eight exploratory wells were completed in 2025 and 24 more are planned for drilling by 2029. The total investment will exceed $900 million,» the president’s press service said in a statement.

The KMG CEO also said that last year the company secured agreements with China’s CNOOC and Sinopec for subsoil use at the Zhylyoi project in the Atyrau region and the Berezovsky project in the West Kazakhstan region.

Furthermore, major international companies such as Turkish Petroleum Corporation, BP and the Croatian Hydrocarbon Agency are exploring promising areas in Kazakhstan.

By the end of 2025, the company’s oil and condensate production amounted to 26.2 million tons, a 10% increase from 2024. This included 5.1 million tons produced by OzenMunayGas, 1 million tons by Mangistaumunaygas and 2.1 million tons by Karazhanbasmunai.

In addition, KazMunayGas is working to increase gas production by an additional 2.3 billion cubic meters per year at the Zapadnaya Prorva, Central Urikhtau and Rozhkov fields.

Khasenov also briefed the president on the progress of major investment projects in the petrochemical and gas processing sectors worth more than $15 billion. In turn, Tokayev instructed the KMG CEO to accelerate geological exploration and ensure that all major investment projects are implemented on time.