The national oil company of Kazakhstan KazMunayGas (KMG) recorded a decline in almost all segments of its activities during the first half of 2020. Among the most affected are crude oil refining and oil productproduction because KMG was forced to reduce both of them in order to avoid overstocking.
Big global private oil companies operating in Kazakhstan such as Chevron, ExxonMobil, and Shell have also announced multi-billion-dollar losses.
Upstream
The level of oil and gas condensate production at KMG, which has stakes in various production companies, decreased by 3.1% in the first half of this year, to 11.3 million tons...