Baku. TurkicWorld:

The Hungarian oil and gas company MOL will take part in the development of a gas field in Kazakhstan, TurkicWorld reports.

Thus, KazMunayGas (KMG, the national oil and gas company of Kazakhstan), the Chinese Sinopec and the Hungarian MOL will begin development of the Rozhskovskoye gas field.

The parties plan to produce 1 billion cubic meters of gas per year from the field. This year, production there will be 13 million cubic meters.

Kazakhstan has previously stated that the Hungarian company's estimated investment in production at the field will amount to $192 million.

As Minister of Foreign Affairs and Foreign Trade Péter Szijjártó said, Kazakhstan could become a crucial source for Hungary's energy security, with record imports.

Noting the importance of diversification, Szijjártó said that Hungary aims to procure energy from multiple sources. This year's significant oil purchases from Kazakhstan, transported via land, pipelines, and sea, underscore this approach.

Gas production volume in Kazakhstan for 2022 amounted to 53.3 billion cubic meters, or 103.1 percent of the 2022 plan. Commercial gas production amounted to 27.8 billion cubic meters, or 94 percent of the plan.

Domestic consumption of commercial gas in Kazakhstan amounted to 19.3 billion cubic meters, or 107.2 percent of the 2022 plan, exports - 4.6 billion cubic meters, or 85.1 percent of the plan.

The volume of liquefied petroleum gas production (supplied to the domestic market) amounted to 2.8 million tons, or 98 percent of the plan.