Kazakhstan’s KMG EP increasing capex

BAKU. KAZINFORM The Board of Directors of Kazakhstan's KazMunaiGas Exploration Production approved an increase in capital expenditure for 2017 to 133 billion tenges ($369 million), the company said in a message April 12.    

This is 12 percent more compared to the previous figure.

“Additional investments are aimed at production efficiency activities, in particular, such as sidetracking and deepening of production wells, acquisition of fixed assets, construction and maintenance works, improvement of social conditions, and investments associated with gas utilization to mitigate environmental risks,” the company said.

In 2016, capital expenditures of KMG EP hit 115 billion tenges ($337 million), a 17 percent increase compared to 2015.

KMG EP is among the top three Kazakh oil producers based on the 2016 results. Its overall production in 2016 was 12.2 million tons of oil, including the company’s shares in joint ventures.

Source: Trend