KMG EP increases capex to drill new wells

According to Reuters, KazMunaiGas Exploration Production (KMG EP) has announced plans to increase its capital expenditure during 2015 in order to pay for the drilling of additional wells at its main oilfields.

Capital expenditure will be 12% higher than the figure that was approved in May, and will increased to US$511 million. This increase allows for the drilling of 57 new wells at Ozenmunaigas (OMG), the company’s largest producing unit, located in western Kazakhstan.

"Finally, 274 wells are now planned to be drilled in 2015 at both OMG and EMG (Embamunaigas), in comparison to the 217 wells previously approved in May 2015," the company said.

OMG is predicted to produce 5.530 million t during 2015.

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Published on 28/09/2015

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