Kazakhstan’s KazMunayGas says proven oil reserves grow

The total increase in oil and gas condensate reserves of the Kazakh National Oil and Gas Company KazMunayGas (KMG) in 2016 amounted to 7.2 million tons, the company said in a message Apr. 21.


As of January 1, 2017, the consolidated proven recoverable reserves of liquid hydrocarbons of the KMG amount to 785.8 million tons.


“The change in the volume of residual recoverable oil reserves was due to the exploration of promising blocks, additional exploration and reassessment of reserves of the existing fields, as well as due to reduction in reserves during the extraction of hydrocarbon resources,” reads the message.


The KMG’s Exploration Work Development Program for 2015-2019 continues, and a program for additional exploration for 2017-2021 has been developed, the company said.


The additional exploration program envisages increase of reserves at the existing fields, said the message.


KMG is a 100 percent government-owned national oil company with stakes in essentially all of Kazakhstan’s oil-related assets and priority access to new assets.


Source: http://en.trend.az/business/energy/2745188.html