Astana, Kazakhstan, Nov.6
By Daniyar Mukhtarov - Trend:
Revenue of the Kazakh KazMunaiGas Exploration and Production JSC (KMG EP) amounted to 690.3 billion KZT ($3,870 billion) for the first nine months of 2014, which is 14 percent more compared to the same period in 2013.
This data is indicated in the condensed consolidated interim financial statement of the company published Nov.6.
"Net income amounted to 242 billion KZT ($1.357 billion) for the first nine months of 2014, which is 160 percent more over the same period of 2013, mainly due to the significant foreign exchange gain recognized as a result of the devaluation of KZT in February 2014," said the statement.
The pre-tax profit rose by 53 percent for the first nine months of 2014 compared with the same period of 2013, except for net foreign exchange gain of 107.7 billion KZT, according to the statement.
The production costs amounted to 144.6 billion KZT ($811 million) for the first nine months of 2014, which is 15 percent more compared to the same period of 2013, mainly due to higher expenses for remuneration of the production units officials, the statement said.
Kazakh KazMunaiGas Exploration and Production (KMG EP) produced 9.217 million metric tons of oil (250,000 barrels per day) including its shares in JV Kazgermunai LLP (KGM), Karazhanbasmunai JSC (CCEL) and PetroKazakhstan Inc. (PKI) for the first 9 months of 2014, which is slightly less than the same period of 2013, the press service of the company said Oct.23.
Ozenmunaigas JSC (OMG), which is a subsidiary of KMG EP, produced 3,992 million metric tons of oil (108,000 barrels per day) in the reporting period, which is 3 percent more than the same period of 2013.
Embamunaigas JSC (EMG), which is another subsidiary of KMG EP, produced 2,110 million metric tons of oil (57,000 barrels per day), which is 1 percent less than the same period of 2013.
"As a result, total production of OMG and EMG amounted to 6.102 million metric tons (165,000 barrels per day), which is 2 percent more than the same period of 2013," the statement said.
KMG EP's share in the production of CCEL, KGM and PKI companies for the first 9 months of 2014 amounted to 3.115 million metric tons (85,000 barrels per day), which is 3.6 percent less than the same period of 2013.
KMG EP is among the top 3 oil producers in Kazakhstan. The production volume of the company, including its shares in Kazgermunai, Karazhanbasmunai and PetroKazakhstan Inc. companies amounted to 12.4 million metric tons (251,000 barrels per day) in 2013.
Consolidated volume of proved and probable reserves of KMG EP, including its shares in joint ventures, as of the end of 2013 amounted to 200 million metric tons (1.5 billion barrels), 148.8 million metric tons (1.1 billion barrels) of which fall on Ozenmunaigas JSC, Embamunaigas JSC and Ural Oil and Gas LLP (Rozhkov oilfield, Fedorov block).