BAKU, Azerbaijan, August 27. Kazakhstan's
national oil and gas company KazMunayGas (KMG) and Saudi Arabia's
Industrialization & Energy Services Company (TAQA) discussed
prospects for cooperation in geological exploration, oilfield
services, and the introduction of advanced technologies.
This was announced by the press service of KazMunayGas,
following the meeting between KMG Chairman of the Board Askhat
Khassenov and TAQA Acting Chief Executive Officer Rayed Eskandrani
in Astana.
"The sides discussed issues related to improving development
efficiency and increasing oil recovery at mature fields,
intensifying production and enhancing well productivity at
carbonate and gas fields, as well as recovering hard-to-recover
reserves," KMG said.
KMG also highlighted the localization of production and
development of oilfield service capabilities among its priority
areas. Following the meeting, the sides expressed readiness to
develop cooperation in key areas.
TAQA, headquartered in Dhahran, Saudi Arabia, was established in
2003, while some of its assets date back to the 1960s. The company
provides a fu ll range of oilfield services and manufactures
equipment and chemicals for drilling and well development. TAQA
currently employs more than 5,500 people and operates in 20
countries across the Middle East, Africa and Asia.
KazMunayGas is Kazakhstan's leading vertically integrated oil
and gas company, managing assets across the entire production
cycle, from hydrocarbon exploration and production to
transportation, refining and specialized services. Founded in 2002,
the company represents Kazakhstan's interests in the country's oil
and gas sector.
