KazMunaigas Exploration and Production, the listed arm of Kazakhstan’s national oil company, has $4bn of cash available for acquisitions and hopes to agree deals before the end of the year, its new chief executive has told the Financial Times.

Kenzhebek Ibrashev, who took over as chief executive of London-listed KMG E&P at the beginning of the month, said the company was “working on several opportunities” both inside and outside Kazakhstan.