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KMG EP slightly reduces oil production

Oil&Gas Materials 28 July 2016 14:45 (UTC +04:00)
Kazakh oil company KazMunaiGas Exploration Production (KMG EP) produced 6.08 million tons of oil in H1 of 2016 including its stakes in subsidiaries and joint ventures.
KMG EP slightly reduces oil production

Baku, Azerbaijan, July 28

By Elena Kosolapova- Trend:

Kazakh oil company KazMunaiGas Exploration Production (KMG EP) produced 6.08 million tons of oil in H1 of 2016 including its stakes in subsidiaries and joint ventures.

It is 0.7 percent more compared to the same period of 2015, the company said on July 28.

KMG EP’s subsidiary Ozenmunaigas (OMG) produced 2.78 million tons which is 2 percent higher compared to the same period in 2015. KMG EP’s subsidiary Embamunaigas (EMG) produced 1.41 million tons, which is also 2 percent higher compared to the same period in 2015.

The company’s share in oil production from Kazgermunai (KGM), Karazhanbasmunai (CCEL) and PetroKazakhstan Inc. (PKI) joint ventures in the first six months of 2016 reduced by 6 percent compared to the same period of 2015 to 1.89 million tons, which is, mostly resulted from the reduction of production at PKI.

In the first six months of 2016, OMG and EMG sold 4.17 million tons, including 2.46 million tons of oil exported abroad and 1.7 million tons of crude sold on the domestic market. Moreover the company sold 3,000 tons of oil products on the domestic market in the reporting period. In April 2016 KMG EP switched to an independent oil processing scheme.

KMG EP is among the top three Kazakh oil producers. Its overall production in 2015 was 12.4 million tons of oil, including the company’s share in joint ventures.

Edited by SI

Follow the author on Twitter:@E_Kosolapova

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