In 2024, "KazMunayGas" extracted 23.8 million tons of oil, which is 300,000 tons higher than last year's figures. This was reported by Kurmangazy Iskaziyev, the first deputy chairman of the KMG board, during an expanded meeting of the Ministry of Energy, as stated by a correspondent from the Kapital.kz business information center, referencing the company's press service.
He noted that this year the company plans to pay out record dividends amounting to 350 billion tenge for 2024.
“Geological exploration has always been and remains a key area of KMG's operations. As of January 1, 2025, the remaining recoverable reserves of oil and condensate stand at 767 million tons. Last year, exploratory drilling commenced on the Turgai Paleozoic projects in the Kyzylorda region, Karaton Podsolovoy in the Atyrau region, as well as in the Taisoygan and Karazhar areas in the Atyrau and Aktobe regions respectively,” Kurmangazy Iskaziyev highlighted.
To implement promising projects, external investments are being attracted, with contracts expected this year in collaboration with strategic partners—Zhylyoi (CNOOC), Bolashak (KaramaRjan Group), Berezovsky (Sinopec), and Mugodzhar (Shell, Chevron). Drilling is planned to commence on the North Ozen and Bolashak projects by the end of this year.
“A Technology Challenges Program has been developed, which involves applying enhanced oil recovery methods with an individualized approach for each field. As a result, an additional 418,000 tons of oil have been extracted, and in 2025, this figure is expected to increase to 519,000 tons,” he emphasized.
In 2024, projects for the rehabilitation of the Uzen and Karaman-Dabas fields were successfully implemented, resulting in an additional 158,000 tons of oil.
In 2024, the first phase of the development of the Rozhkovskoye gas condensate field in the West Kazakhstan region was completed, with a design capacity of 500 million m³ of gas per year. Work continues on the development of the gas deposit at the West Prorva field. The launch of the first start-up complex, which will provide an additional 150 million m³ of gas per year, is planned for June 2025. Drilling and well development are planned for the East Urytau and Central Urytau fields.
In 2024, oil supplies to Germany increased by 50%. This level is expected to be maintained in 2025. The volume of transit of Kazakh oil towards Aktau—Baku—Ceyhan has increased to 1.4 million tons or by 27% under an agreement with SOCAR. In 2025, this figure is expected to rise to 1.7 million tons. This year, the finalization of the technical assignment for the development of the feasibility study for the expansion of the Kazakhstan-China pipeline is anticipated to conclude with the Chinese side.
Construction work has begun on the project to expand the capacity of the bitumen plant in Aktau—Caspi Bitum from 500 to 750 thousand tons, scheduled for completion in April 2025. Preliminary construction work has also started on a new gas processing plant in Zhanaozen, with a capacity of 900 million m³. Last year, preliminary construction began on the largest polyethylene production plant with a capacity of 1.25 million tons. Work is ongoing on two other oil and gas chemical projects: Polyethylene Terephthalate (PET) and Urea.
“The total investments in these projects by 2030 will exceed 13 billion dollars and will create around 15,000 jobs during the construction phase and 2,000 permanent jobs,” concluded Kurmangazy Iskaziyev.
“KazMunayGas” accounts for 26% of all oil production in Kazakhstan, 56% of transportation, and 80% of refining.
It was previously reported that JSC "Embamunaygas" has begun work to expand the infrastructure for the development of gas deposits at the West Prorva field. The project will be implemented in three phases. In June 2025, the launch of the first start-up complex is planned, which will increase oil production to 45,000 tons per year and gas production to 160 million cubic meters. The second and third phases are scheduled for 2026-2027.
Additionally, “KazMunayGas” has signed agreements with Shell and Chevron for the right to use geological information. This will allow the national company to effectively utilize the results of seismic studies for planning joint geological exploration work.