Contract on development of Uzen and Karamandybas deposits extended till 2036

"KazMunaiGaz Exploration and Development" JSC informs that the Ministry of Energy of Kazakhstan and "Ozenmunaigaz" JSC signed an extension of the contract on exploration of oil deposits of Uzen and Karamandybas in Mangystau region as of May 31, 1996 till May 31, 2036. Before, the contract was due to expire in 2021," the statement reads.

"KazMunaiGas Exploration and Development" JSC was among the leaders in terms of oil production in Kazakhstan in 2014. The volume of oil production of the company made 12.3 mln tons in 2014 (250 thousand barrels in 24 hours).

The shares of the company are listed at the Kazakhstan Stock Exchange. Besides, the company attracted more than 2 bln US dollars during the IPO campaign in September of 2006.