Azernews.Az

PetroKazakhstan Inc produced 5.7324 million tons of crude oil, including 50 percent shares in its two joint ventures in 2012, the company said on Monday.

This includes 3.1007 million tons as production by PetroKazakhstan Kumkol Resources (PKKR), PetroKazakhstan Oil Products (PKKR), Kolzhan and PetroKazakhstan Ventures Inc. (PKVI). Moreover this volume includes 1.0695 million tons as 50 percent of Turgai-Petroleum production and 1.562 million tons as 50 percent of Kazgermunai production.

Some 86 new wells, including 57 producing and 22 appraisal wells, were put into operation in 2012.

Some 34 exploratory wells were drilled in 2012 with the exploratory success ratio of 70 percent. The crude oil reserve increment was 3.674 million tons which is mainly due to exploration at West Tuzkol, Belkudyk and Doshan fields. Gas deposits were discovered in Akzhar and Ketekazgen structures.

In 2012 the company processed 4.753 million tons of crude oil, which is 149,000 tons more than in 2011.

High-octane gasoline production increased by 9 percent or 125,600 tons to 72 percent of the total gasoline pool compared to 2011. The refinery increased the production of jet fuel, vacuum gas oil, household liquefied gases and high-octane gasoline. The yield of light oil products also increased.

During 2012 refinery experts made extensive efforts to improve the quality of products. The preparation for the refinery modernization program is underway. The purpose of the Refinery Modernization and Reconstruction Project is to start making oil products to Euro-4 and Euro-5 standards and to increase the conversion depth and the yield of light oil products.

PetroKazakhstan is a vertically integrated oil and gas group owned by China National Petroleum Corporation and National Company KazMunaiGas. PetroKazakhstan scope of business includes exploration, field development, oil and gas production, as well as purchasing of fields, processing and selling of crude oil and refined products. The operations of PetroKazakhstan Group of Companies are based on two business units: PetroKazakhstan Kumkol Resources (PKKR) producing oil and PetroKazakhstan Oil Products LLP (PKOP) refining oil. PetroKazakhstan also owns a 50 percent share in two joint ventures operating in the South Turgai oil basin - Kazgermunai and Turgai Petroleum.