Latest news with #KazMunayGas
Bloomberg
4 days ago
- Business
- Bloomberg
Kazakhstan Says It Can't Cut Oil Output Despite OPEC+ Deal
Kazakhstan said it can't cut oil production right now, and even hopes to increase output beyond planned levels later this year, deepening a stand-off with its OPEC+ counterparts. Output is more than 70% controlled by 3 large international consortiums and 'the republic has no right to enforce production cuts' on their fields, Energy Minister Yerlan Akkenzhenov told reporters in Astana on Thursday. Nor can it 'practically' cut output at other old fields operated by state-run KazMunayGas National Co. JSC, he said.
Arabian Business
14-05-2025
- Business
- Arabian Business
AD Ports Group boosts Kazakhstan presence with fleet and terminal growth plans
The agreements, signed on the sidelines of the visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi to the Republic of Kazakhstan, include one with KazMunayGas (KMG), the national oil company of Kazakhstan, on Caspian and open sea fleet expansion, and another with SEMURG Invest LLP to establish a joint venture to design, develop, finance, and operate the Sarzha Multipurpose Terminal (SMT) at Kuryk Seaport on the Caspian Sea. The SMT terminal will be designed to handle general cargo, containers, and dry bulk cargoes. The AD Ports Group also exchanged Memoranda of Understanding (MoUs) with three Kazakh organisations – Kazakh Invest, the nation's trade development group; the Chamber of International Commerce of Kazakhstan; and Special Economic Zone Morport Aktau, to explore joint trade development efforts. Under the MoUs, the AD Ports Group will work with each partner to assess opportunities to promote and develop trade, economic, and industrial cooperation through joint events, information exchanges, and other measures. The measures could lead to significant expansion of the Group's investment and operations in Kazakhstan, a key central Asian trade nation that is a major hub in the Group's strategy to redevelop the East-West Silk Road 'Middle Corridor' into a modern, low-impact direct land corridor running from China, through Central Asia and Pakistan, into Europe. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said the new agreements not only testimony the Group's increased interest in Kazakhstan, but also of the execution of its long-term strategy to develop the 'Middle Corridor' land passage from China to Europe as a principal East-West trade route of the 21 st century. 'The Middle Corridor is the shortest, least environmentally impactful way to transport goods from China to Europe, and our investments reflect Kazakhstan's growing role as an emerging export leader,' he said. To date, AD Ports Group has invested $175 million in Central Asian country-based projects, it said.
Yahoo
19-03-2025
- Business
- Yahoo
MOL discovers new oilfield in Transdanubia, western Hungary
Hungarian oil and gas company MOL has announced the discovery of a new oilfield in Transdanubia, near Somogysámson. The exploration drilling campaign in December 2024 revealed oil at a depth of 1,250m. Drilling at the well, named Som-8, began on 25 November 2024 and was completed after 33 days. The well tests conducted until March 2025 revealed that the Som-8 well can produce 1,200 barrels of oil per day (bpd). The oil produced from the field is due to be transported by truck to the Danube refinery in Százhalombatta. This discovery is expected to help meet Hungary's energy needs and contribute to MOL Group's total hydrocarbon production. The oil production from the Som-8 well will account for around 1% of MOL Group's total hydrocarbon production. MOL Group Exploration and Production executive vice-president Zsombor Marton said: "I am very proud to announce that, after the exploration successes of the recent years, we have once again discovered a new oilfield – this time in the Transdanubian region, where we last discovered oil more than a decade ago. 'The fact that we achieved this success in the concession belonging to Bázakerettye, which has an almost 100-year oil industry tradition, is clear evidence that there is still potential in hydrocarbon exploration in Hungary. 'We are discovering previously unknown hydrocarbon deposits one after the other and further strengthening the country's security of supply: with the oil deposits in Vecsés and Tura and the natural gas fields in Eastern Hungary, we have reached a five-year peak in domestic production.' Over the next five years, MOL plans to invest approximately Ft150bn ($411.8m) in oil and natural gas production in Hungary. In 2024, MOL provided 47% of crude oil and nearly 90% of natural gas for domestic production. Hungary is a significant part of MOL Group's oil and gas production portfolio, currently accounting for approximately 39% of total production. To maintain its Shape Tomorrow strategy target of at least 90,000bpd of production over the next five years, MOL aims to strengthen its international portfolio and seek strategic partnerships. MOL Hungary COO György Bacsa said: 'As a landlocked country, our oil supply is largely via pipelines and intermediaries. It is clear that we need to reduce Hungary's import dependence by all means available. We will continue our investments and will continue to do our utmost to maintain and, if possible, increase production.' Recently, MOL signed a cooperation agreement with Kazakhstan's national oil company, KazMunayGas, to explore opportunities in the oil, gas and petrochemical industries. This new agreement continues their joint venture in Kazakhstan, where MOL, KazMunayGas and China's Sinopec have been extracting gas and gas condensate at the Rozhkovskoye field. "MOL discovers new oilfield in Transdanubia, western Hungary" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
