ASTANA— KazMunayGas (KMG) national oil and gas company consistently adheres to its oil production obligations under the OPEC+ Agreement, the quotas set by the Kazakh Ministry of Energy.
Kashagan field. Photo credit: KMG Kashagan BV. Click to see the map in full size. The map is designed by The Astana Times.
Regarding large assets (Tengizchevroil, North Caspian Operating Company), where KazMunayGas participates in projects with foreign partners, Kazinform reported on Aug. 25 that maintenance works are currently being carried out at Tengiz’s production lines, and that repair and maintenance works are planned for the Kashagan project in October.
These measures will result in a significant decrease in production aligned with the approved oil production quotas.
Kazakhstan has updated its Compensation plan, including for overproduction in July, and submitted it to the Organization of Petroleum Exporting Countries (OPEC) Secretariat, the Energy Ministry announced on Aug. 22.
KazMunayGas’ net profit in January-June reached 549.5 billion tenge (US$1.14 billion).
