KazMunaiGas EP’s $5 billion spending splash
Kazakhstan’s KazMunaiGaz Exploration Production (KMG EP) is sitting on a large cash pile and looking for ways to spend it
THE LONDON-LISTED subsidiary of the national oil company aims to generate 20% of its revenue from outside Kazakhstan in the next five years. KMG EP also wants natural gas assets to increase to 15-20% of its portfolio, said KMG EP chief executive Askar Balzhanov. “Between $1.5 billion and $2.0 billion will be channelled towards maintaining production levels. A further $1 billion will be invested in large-scale exploration efforts. And between $2.0 billion and $2.5 billion is to be spent on acquisitions within the next two to three years,” Balzhanov said, adding that around two-thirds of the acquisitions would be inside Kazakhstan. “Regarding assets outside Kazakhstan, we have interest in and
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
