Oil production by Mangistaumunaigas of Kazakhstan may rise 1% in 2017
ASTANA. April 20 (Interfax) - Kazakhstan's Mangistaumunaigas plans to produce 6.350 million tonnes of oil this year, MMG general director Bakyt Imanbayev told Interfax-Kazakhstan.
MMG oil production amounted to 6.289 million tonnes in 2016, which means that oil output may rise 1% this year.
In the first quarter of 2017, Mangistaumunaigas saw a 1.1% (17,500 tonnes) reduction in oil production.
In January-March of 2017, the company produced 1.548 million tonnes of oil. In the first quarter of 2016, output stood at 1.565 million tonnes.
"Low oil production in the first quarter stems from procurement tenders being at a very early stage. Production will rise in the second and third quarters," Imanbayev said.
Mangistaumunaigas is owned by JV Mangistau Investments BV (99%), which belongs to National Company KazMunayGas and Chinese CNPC.
Mangistaumunaigas is a large oil producing company in Kazakhstan. It was organized in 1995. Currently, the company owns 36 oil and gas fields, 15 of which are being developed. In 1996 the company received licenses from Kazakhstan government for 25 years to produce hydrocarbons at the oil-and-gas fields Kalamkas, Zhetybai, Asar, South Zhetybai, East Zhetybai, North Karagie, Oimasha, Alatobe, Burmasha, Airantakyr, Bekturly, Pridorozhnoye, North Akkar, Aschiagar, Atambai.