KazMunayGas reports a 3.7% increase in oil reserves
As of December 2023, the proven and probable oil reserves of KazMunayGas, the national oil company in Kazakhstan, reached 733 million tons of oil equivalent, a 3.7% increase compared to December 31, 2022.
«According to an audit by DeGolyer&MacNaughton prepared under the international PRMS standards, proven and probable oil reserves of KazMunayGas were estimated at 733 million tons of oil equivalent (5,680 million barrels of oil equivalent) as of December 31, 2023. The amount of 2P reserves has risen by 3.7% compared to 2022,» the company said in a statement.
The increase was driven by actual measures the oil company has been taking recently to expand its exploration activities, drill new wells, adjust plans aimed at offsetting oil production on operational assets and update its development plans for Kashagan and Karachaganak.
In 2023, the company reported a 6.9% increase in oil output (to 23,532 million tons), a 14.8% increase in gas output (to 9,459 billion cubic meters) and a 7.6% increase in the volume of transported oil (to 80,359 million tons).
At the same time, Kashagan reported a 121.8% increase in oil output to 3,108 million tons; oil production at Karachaganak increased by 7.1% to 1,086 million tons, Embamunaigas reported a 5.5% increase to 2,722 million tons and Mangistaumunaigas – a 0.9% increase to 3,075 million tons. On the other hand, Ozenmunaigas reported that its oil output dropped by 4.3% to 4,877 million tons, while oil production at Tengiz and other projects slipped by 1% to 5,779 million tons and 5% to 2,885 million tons, respectively.
Sales of oil and gas condensate increased by 7.1% to 23,695 million tons; exports abroad of the energy carriers accounted for 64.9% of this amount, while 8,311 million tons were shipped to the domestic market.
Two oil refineries – Romanian Vega Refinery and Kazakhstani Atyrau Refinery – reported increases in output at 0.4% (to 374,000 tons) and 4.8% (to 5,475 million tons), respectively, while the refinery industry as a whole has shrunk by 1.5% to 19,593 million tons. For instance, Pavlodar Refinery reported a 0.9% decrease in production to 5,434 million tons, Shymkent Refinery reported a 7.5% decrease to 2.87 million tons, Caspi Bitum — a 7.4% decrease to 427,000 tons and Romanian Petromidia Refinery — a 4.7% decrease to 5,012 million 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.
