Kazakhstan, Astana, 28 April / Trend corr. K.Konirova / KazMunayGas Exploration and Development (KMGED), the daughter company of KazMunayGas has produced 2,892 tons of oil from January to March 2008, the company reported.
An increase in production was observed owing to the acquisition of 50% of shares in the companies Kazgermunay and CCEL in April and December 2007, the company reported. The oil production in Kazgermunay in the first quarter (1Q) of 2008 made up 387,000 tons and 202,000 in CCEL (Karajanbasmunay).
Total oil production in these companies without the participation of KMGED in the first three months made up 2,304 tons which was 15,000 tons more in the same period of 2007. "Stable oil production rate in the main oilfields was achieved owing to the use of modern technology and the drilling of new wells," the company said.
During the three months in 2008, some 2,156 tons of oil was supplied to consumers without oil of the companies Kazgermunay and Karajanbasmunay, including the export of 1,636 tons of oil.
Total forecasted oil production volume for 2008 is 12.1mln tons (242,500 barrels per day), 13.7% more than in 2007 including 9.5 mln tons which will be produced in the fields of Ozenmunaygas and Embamunaygas.
A 50% share of KMGED in oil production of Kasgermunay and CCEL totals 2.6mln tons (51,400 tons barrels per day).
The company took second place in Kazakhstan on the volume of oil produced for 2007.
KMGED was founded in March 2004 as a result of the unification of the daughter companies of the National oil and gas Kazmunaygas, Embamunaygas and Ozenmunaygas.
During IPO in September 2006, the company attracted about $2 bln.
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