Kazakh state oil and gas company KazMunaiGas said it would invest 208 billion tenge ($1.7 billion) in the development of Kashagan oil field this year, while the company's total investment program for 2009 will equal KZT696 billion.
KazMunaiGas, or KMG, said in a statement late Thursday that this year's investment program includes 65 projects.
KMG owns 16.8% in the Kashagan consortium that includes ExxonMobil Corp. (XOM), ConocoPhillips (COP), Eni SpA (E), Royal Dutch Shell PLC (RDSB), Total SA (TOT) and Inpex Holdings Inc. (1605.TO).
KMG said its consolidated revenues doubled to KZT2.9 trillion in 2008, while its profit totaled KZT318 billion. The company's capital expenditures more than doubled to KZT613 billion in 2008.
KMG said its oil and gas condensate output in 2008 reached 18 million metric tons, a year-on-year rise of 8.2%.