KazMunayGas Company News

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Shell Said to Drop Plan to Buy Stake in Kazakh State Oil Company
Tuesday, October 09, 2018 Shell drops plans to purchase a stake in KazMunayGas National Co. after a due diligence process, according to sources.

Caspian Pipeline Consortium Cuts CPC Blend Export Plan by 10 Pct
Tuesday, August 21, 2018 "We ... expect to pump around 60 million tonnes, but it (the export volume), of course, depends on producers," CPC said.

New UK Listing Rules Set to Attract State Companies Beyond Aramco
Monday, July 17, 2017 Saudi Arabia, Oman and Abu Dhabi have all announced plans in the past year to float some of their oil assets.

KMG Switches from Urals Supplies to Romanian Refineries as Prices Rise
Tuesday, July 11, 2017 Kazakh state oil company Kazmunaigaz reportedly plans to replace expensive Urals crude with cheaper Mediterranean grades for its refineries in Romania.

S.Korea's KNOC In Talks With Kazakhstan To Drop Oil Field Project
Friday, August 05, 2016 State-owned Korea National Oil Corp. (KNOC) is in talks with the Kazakhstan government to pull out of an oil field project due to disappointing exploration results, a KNOC spokesman says.

KazMunayGaz Offers To Buy Out Subsidiary's Minority Shareholders
Friday, June 17, 2016 Kazakhstan's national oil company KazMunayGaz will offer to buy out minority shareholders of subsidiary Kazmunaigas Exploration and Production.

Eni, KazMunayGas Enter Deal to Explore Isatay Block in Caspian Sea
Monday, June 29, 2015 Eni and KazMunayGas enter into an agreement to jointly explore the Isatay block in the north Caspian Sea, Kazakhstan.

Kazakhstan's Kashagan Aiming for 370,000 Bpd by End-2017
Tuesday, June 09, 2015 The Kashagan oilfield aims to achieve first-phase output of up to 370,000 barrels of oil per day by the end of 2017, the project's managing director says in an interview, offering hope to Kazakhstan's stagnant oil industry.

Stalled Kashagan Hampers Kazakhstan's Oil Output Growth
Wednesday, October 01, 2014 Kazakhstan expects its oil production to stay around 2013 levels until 2016, when it hopes to restart the giant Kashagan oilfield halted by an industrial accident, a senior Kazakh official says.

Eni Signs Strategic Oil Deal with Kazakhstan's KazMunayGas
Thursday, June 12, 2014 Italy's Eni signs deal with KazMunayGas to jointly explore an offshore oilfield in Kazakhstan.

Kashagan Oil Restart Not Expected This Year
Monday, April 28, 2014 Output at Kazakhstan's huge Kashagan oilfield may not start until 2016, the Financial Times says, citing Kazakhstan's minister for economy and budget planning.

Kashagan May Fail to Restart this Year if Offshore Pipes Damaged
Monday, April 07, 2014 Output at Kazakhstan's Kashagan oilfield may fail to restart this year if test results show cracks in the offshore part of its pipeline network.

Crippled Kashagan Oil Project a Bureaucratic 'Nightmare'
Thursday, January 02, 2014 Giant Kazakh oilfield Kashagan, which was brought to a halt by leaks shortly after start-up last year, is grappling with a bureaucratic "nightmare" on top of its engineering troubles as it strives for commercial production in 2014.

Industry Sources: Kashagan Oil Flows Seen Delayed Until Spring
Monday, November 11, 2013 Oil is unlikely to flow from Kazakhstan's Kashagan oilfield until spring 2014.

China Buys into Giant Kazakh Oilfield for $5B
Monday, September 09, 2013 Chinese President Xi Jinping strikes a deal with Kazakhstan giving China a stake in its giant Kashagan oil project.

KazMunaiGas EP Open to Taking Stake in Kashagan
Monday, April 16, 2012 KazMunaiGas is ready and willing to join oil majors ExxonMobil and Total in developing the giant Kashagan field, said Alik Aidarbayev.

Protesters Set Kazmunaigas Building On Fire; Output Unaffected
Wednesday, December 21, 2011 Protesters in the Caspian oil town of Zhanaozen, western Kazakhstan, loot and set fire to an administrative building belonging to state oil producer Kazmunaigas EP JSC.

Kogas Clinches Iraq Akkas Gas Field Deal
Thursday, October 13, 2011 Kogas clinched a final deal for the multibillion-dollar project to develop one of Iraq's largest gas fields, Akkas in western Iraq near the Syrian borders, the country's deputy oil minister said.

NC KMG, KMG EP Sign MOU for Joint Participation in Caspian Sea
Wednesday, May 25, 2011 NC KMG and KMG EP have signed an MoU, providing KMG EP with access to the detailed geophysical, financial and economic data of a number of oil and gas projects.

KazMunaiGas Finalizes Transaction for Ural Stake
Tuesday, April 19, 2011 KazMunaiGas announced the closing of the transaction to acquire a 50% stake in Ural from Exploration Venture Limited (EVL).

KazMunaiGas Scoops Up 4 Blocks
Monday, April 11, 2011 KazMunaiGas announced agreements reached with the JSC National Company KazMunayGas to acquire four hydrocarbon exploration contracts.

KMG EP Welcomes New CEO
Thursday, April 07, 2011 KMG EP announced that Askar Balzhanov was elected as General Director (CEO).

Statoil, KazMunaiGas Team Up in Caspian Sea JV
Wednesday, March 30, 2011 Statoil and KazMunaiGas have signed the Heads of Agreement (HoA) on the Abay block in the Kazakhstani sector of the Caspian Sea.

KazMunaiGas Buys 50% Stake in Urals Group
Friday, March 11, 2011 KazMunaiGas has reached an agreement with EVL to acquire 50% of Ural Group, which owns the exploration license for the block Fedorovskiy.

KazMunaiGas Boosts Earnings in 2010
Thursday, March 03, 2011 "2010 was an eventful year, rich with business, operational and financial activity. Strong financial results are the evidence of our ability to benefit from the favorable oil price environment," commented Kenzhebek Ibrashev.

KazMunaiGas Ramps Reserves Replacement Ratio
Thursday, February 24, 2011 КаzМunaiGas announced results of the annual reserves audit, as at December 31, 2010.

CNPC Inks New O&G Deal with Kazakhstan
Wednesday, February 23, 2011 CNPC and KazMunaiGas have signed a new O&G cooperation agreement to tap natural gas resources from Kazakhstan.

KazMunaiGas Discovers Oil in Liman Block
Friday, October 22, 2010 KazMunaiGas announced an oil discovery at the Liman Block. The accumulation is located on the south slope of the Novobogatinsk Salt Dome 70 km west of Atyrau.

KazMunaiGas, KOGAS Expand Presence in Iraq
Wednesday, October 20, 2010 KazMunaiGas and KOGAS have been awarded the rights to develop the Akkas gas field in the Republic of Iraq in the Third Licensing Round.

KMG, BG Group to Jointly Explore White Bear Prospect
Tuesday, August 31, 2010 KazMunaiGas and BG Group announced the signing of an agreement to farm-in into a BG Group operated license which contains the White Bear prospect.

KMG Increases Operating Profit by 81% in 1H 2010
Monday, August 23, 2010 "The co. has increased the level of investments in its core fields and aims to deliver a sustainable production level from existing assets while using its strong balance sheet to pursue longer-term growth strategy," said Kenzhebek Ibrashev.

JSC KazMunaiGas Marks Strong 1Q Performance
Thursday, May 13, 2010 "Overall the Company has strong results this quarter, despite production setbacks related to the industrial action at Uzenmunaigas," said Kenzhebek Ibrashev.

KazMunaiGas Posts 1Q Production
Wednesday, April 21, 2010 KazMunaiGas announced that according to preliminary data in the first three months of 2010 it produced 3,183 thousand tons of crude oil.

KazMunaiGas Shuffles Management
Wednesday, March 31, 2010 KazMunaiGas E&P has elected Askar Balzhanov as Chairman of the Board of Directors for KMG EP.

KazMunaiGas Posts 2009 Reserves
Thursday, March 11, 2010 JSC КаzМunaiGas Exploration Production announced results of the annual reserves audit, as at December 31, 2009.

KazMunaiGas Sets Sights on Production Growth
Tuesday, January 26, 2010 Production for 2010 at Uzenmunaigas and Embamunaigas in Kazakhstan is expected to be 9,200 thousand tonnes.

Kashagan Group Should Cut Costs By $3B - KazMunaiGas
Friday, January 15, 2010 Kazakh state oil and gas company KazMunaiGas said Friday it has proposed that the consortium developing Kazakhstan's largest oil field Kashagan, in which it is involved, cuts costs by about $3 billion in 2010.

Total, KazMunaiGas Team Up for Caspian Sea Project
Tuesday, October 06, 2009 Total has signed a Heads of Agreement with KazMunaiGas for the development of the Khvalynskoye field, located in the Caspian Sea on the border between Kazakhstan and Russia.

Kazakhstan Holds Talks on Caspian Oil Blocks Sales
Thursday, September 24, 2009 Kazakhstan is reportedly holdings talks with unnamed potential strategic investors over development of 4 to 5 offshore oil blocks in the Caspian Sea.

KazMunayGas, KMG EP and BG to Hunt for Hydrocarbons in Kazakhstan
Friday, December 05, 2008 KazMunayGas, KazMunaiGas Exploration and Production and BG signed an agreement in Kazakhstan to cooperate in exploring a range of upstream opportunities in the region.

Chevron's Tengiz Expansion Doubles Production
Thursday, September 25, 2008 Chevron's affiliate, Tengizchevroil, completed a major expansion at the Tengiz Field in Kazakhstan that will nearly double production capacity to 540,000 barrels.

Kazakhstan Nearly Doubles Oil Export Duty to $203.8/Ton
Thursday, September 11, 2008 The Kazakh government will nearly double the export duty on crude oil to $203.8 per metric ton from $109.91 in October, a government decree published Thursday said.

Kazakhstan Won't Drop Caucasus Export Route for Oil
Thursday, September 04, 2008 Kazakhstan won't drop the Caucasus as an export route for its oil despite regional tensions caused by a conflict between Georgia and Russia, chief executive of Kazakh state oil and gas company said Thursday.

Full Kashagan Accord with Kazakh Govt Reached in June
Thursday, July 31, 2008 In June full settlement for developing the giant Kashagan oil field was reached with the government of the Central Asian country and Eni.

Total E&P President: 100 Mln Barrel/Day Liquids Ceiling
Tuesday, April 15, 2008 French oil and gas major Total SA expects worldwide production of all hydrocarbon liquids to reach a ceiling of 100 million barrels a day by around 2020 or maybe earlier.

Kazmunaigas EP: Oil Duty Could Cost $800M A Year
Tuesday, April 08, 2008 London-listed Kazakh oil and gas producer KazMunaiGas Exploration Production Tuesday said the financial impact of a new export duty on crude oil could be about $800 million.

KazMunaiGas Production Rose 11.64% in 2007
Tuesday, January 22, 2008 KazMunaiGas Exploration Production announced that in the full year of 2007 the company produced 10,639 thousand tonnes of crude oil, an average of 216.91 kbopd. This is 1,118 thousand tonnes or 11.64% more than in 2006.

Kazakhs Seen with Raised Stake in Kashagan Deal
Wednesday, December 19, 2007 After months of hard bargaining and two missed deadlines, a consortium led by Eni looks closer to settling a dispute over developing the offshore Kashagan oilfield in the northern Kazakhstan section of the Caspian Sea.

Kazakh PM Defends Right to Arbitrate Resources Pacts
Thursday, December 06, 2007 Kazakh Prime Minister Karim Masimov Thursday defended his government's right to intervene in natural resources contracts if investors violate their terms or try to sell their resources business.

KazMunaiGas to Acquires Stake in Citic for $930 Million
Wednesday, October 03, 2007 KMG EP has approved a series of transactions to acquire a 50% beneficial interest in CITIC Canada Energy, for approximately US$930 million including purchase consideration of US$875.5 million and US$54.5 million of financing costs.