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KazMunaiGas (KMG), the national oil company of Kazakhstan, plans to establish a major presence at Caspian Energy Hub (CEH), the fourth in a series of energy cities conceived by leading GCC Islamic investment bank Gulf Finance House.
In a move that underlines the heavy momentum building on the CEH initiative, KMG will also be calling on all foreign energy companies to follow their lead as Kazakhstan bids to double domestic oil production and triple gas production by 2015.
KMG is currently developing 46 oil fields in the west of the country. Its fields account for approximately 1.7 million barrels per day of between nine and 17 billion barrels in provable reserves throughout Kazakhstan.
With a strategy of continued growth driven by further exploration and selected acquisitions, KMG have chosen the technical, educational, research and human resource components that Caspian Energy Hub will offer to assist in the pursuit of their commercial goals.
In close collaboration with PFC Energy and in partnership with the government of Kazakhstan, GFH announced CEH as the fourth in its burgeoning series of energy cities in April of 2008.
KazMunaiGas chairman Kairat Kelimbetov said: "Efficiently harvesting the tremendous domestic hydrocarbon resources in Kazakhstan to the benefit of the regional economy and future generations in Kazakhstan calls for a careful balance of wisdom, experience and vision.
"In CEH we've found a concept offering each of these virtues, integrating all the components we believe are central to the development of a 21st century energy platform."
