Astana, Kazakhstan, June 25
By Daniyar Mukhtarov - Trend:
The Kazakh government reduced the tax rate on extraction of minerals for "Karazhanbasmunay" JSC almost 20 times, the KazMunaiGas Exploration Production JSC reported.
"In accordance with the government decree, the tax rate on mineral extraction for the "Karazhanbas" field was set at the level of 0.5 percent. Earlier, the severance tax rate was 10.9 percent," the company said.
The company's report stated that in accordance with the decision of the Kazakh government dated on June 18, 2014 "Karajanbas" oil and gas field (Tupkaragan district, Mangystau region) was included in the list of fields of raw hydrocarbon attributable to the category of low-yield, high-viscosity, water-bearing, marginal and worked-out.
The "Karajanbas" field is developed by the "Karazhanbasmunay" JSC, the equal share of ownership in which belong to JSC "KazMunaiGas "and Chinese state corporation CITIC Group. Daily production is 19 million barrels at "Karazhanbasmunay" JSC. The reserves of proven plus probable category make up 374 million barrels as of 2013.
The KazMunaiGas Exploration Production JSC is among the top three Kazakh oil and gas producers. The overall production in 2013 was 12.4 million tonnes (an average of 251,000 barrels per day) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI.
The Company's total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2013 was 200 million tonnes (1.5 billion barrels), out of which 148.8 million tonnes (1.1 bn bbl) relates to Ozenmunaigas, Embamunaigas and UOG (Rozhkovskoye field, Fyodorovskiy block).
Edited by CN