KazMunayGas aims at additional 70 mln tonnes of oil from hard-to-recover reserves with new technologies by 2050

ASTANA. Aug 15 (Interfax) - The KazMunayGas (KMG) national oil company plans to boost production by tapping into hard-to-recover oil reserves with new technologies, the KMG's press service said.

The exploration of deeper geological horizons, which remain underdeveloped, was discussed at an expanded meeting on the oil and gas sector, chaired by Kazakhstan's Prime Minister Olzhas Bektenov.

"Regarding the increase in production volumes, it was noted that 50% of the oil reserves are hard-to-recover. The KMG head [Askat Khasenov] said that new technologies are expected to yield an additional 70 million tonnes of oil between 2025 and 2050," the statement said.

The meeting also addressed plans for new projects and geological exploration. It was noted that KMG had conducted geological studies across all major sedimentary basins and has started drilling deep wells (5,500 meters) in the Turgai Paleozoic (Kyzylorda region) and Abai (Caspian Sea) areas.

"This year, drilling will start in the Karaton Podsolevoy (Atyrau region) and Karazhar (Aktobe region) areas. A comprehensive seismic exploration program under mineral exploration licenses led to the discovery of new blocks in Aktobe, West Kazakhstan, and Mangistau regions," the statement added.

As reported, Kazakhstan extracted 90 million tonnes of oil in 2023. It plans to produce 90.3 million tonnes in 2024, with 44.7 million tonnes extracted in the first half of 2024.