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32

25% oil production raise planned by 2011 for KazMunaiGaz

Kazakh oil producer KazMunaiGaz Exploration & Production plans to raise its 2011 oil output by 25% year-on-year thanks to acquisitions.

 

Kazakh oil producer KazMunaiGaz Exploration & Production plans to raise its 2011 oil output by 25% year-on-year thanks to acquisitions, chief executive Kenzhebek Ibrashev said today.

 

"If the goals we have set are achieved by the end of 2010, we will be able to announce a 25% output increase," Reuters quoted Ibrashev telling reporters, adding planned acquisitions included MangistauMunaiGaz, Kazakhoil Aktobe and KazakhTurkMunai.

Source : Upstream