KMG Reports Growth in Oil Production and New Projects

Kazakhstan's national oil company KMG saw its performance rise 1.3% above 2023 levels, according to Board Chair Askhat Khasenov's report to President Qasym-Jomart Toqayev, Orda.kz reports.

Oil transportation volume reached 83.6 million tons in 2024, marking a 4% increase.

The country's refineries processed 17.44 million tons of oil, boosting light oil product production for the domestic market by 370,000 tons.

The company launched drilling operations at four new sites in 2024: Turgay Paleozoic, Karaton Podsolovoy, Karazhar, and Taisoigan fields. These fields hold an estimated combined resource of 800 million tons of oil.

KMG has also begun design work on the Kalamkas-Sea field, a $6.4 billion project. Khasenov outlined several other significant initiatives underway:

• Expanding CASPI BITUM LLP's bitumen production to 750,000 tons annually
• Building a $7.4 billion polyethylene plant with a 1.25 million ton annual capacity
• Constructing a desalination facility in Janaozen
• Developing a 247 MW hybrid power plant

Original Author: Aliya Askarova