A sharp increase in output at Kazakhstan’s Tengiz oilfield development has boosted earnings at state run oil and gas holding KazMunayGaz.
In a statement released on Monday, KazMunayGaz said that the company’s equity share of production from the Chevron-led Tengiz development grew to 178,000 barrels per day between January and September, an increase of 42% compared to the same period in 2024. KazMunayGaz holds a 20% stake in the project
Associated gas output at Tengiz also rose by over 49% in the reporting period, with KazMunayGaz’ share at almost 3.5 billion cubic metres, the company said.
According to the earnings statement, consolidated net income rose by 16% to 1.2 trillion tenge.
The increased production also led to higher equity revenues for KazMunayGaz from Caspian Pipeline Consortium, the company that operates a dedicated pipeline from the Tengiz field to a marine loading terminal near the Russian port of Novorossiysk on the Black Sea that handles over 80% of Kazakh oil exports.
KazMunayGas holds a combined 20.75% stake in Caspian Pipeline Consortium.
Meanwhile, KazMunayGaz said that its equity share in production at the country’s second largest development, Kashagan, fell by 2% to 66,000 bpd. The operator had to curtail output during the reporting period due to the production of higher volumes of associated gas.
The Kazakh company has a 16.9% shareholding in Kashagan.
Finally, KazMunayGaz’ equity share in production from Karachaganak — the country’s third largest oil development in which it holds a 10% stake — grew by over 3% year-on-year to 24,000 bpd of condensate in the first nine months.
Cash generation during the reporting period was boosted by 763 billion tenge in dividends paid by Tengiz and other joint ventures in which KazMunayGaz participates, according to the company. That represents a 37% increase from a year earlier.
KazMunayGaz’ net debt fell by 57% from a year earlier to 496 billion tenge between January and September as the company’s cash and equivalents line increased by 29% to over 3.6 trillion tenge.
