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KazMunaiGaz Exploration and Production announces volumes of production and export in first six months

Oil&Gas Materials 29 July 2009 15:29 (UTC +04:00)

Kazakhstan, Astana, July 29 / Trend K. Konyrova /

KazMunaiGaz Exploration and Production JSC (KMG EP) extracted 5 million 673,000 tons of oil (230,700 barrel per day) for the first six months of 2009. The index 226,000 tons or 3.8 percent less compared to similar period of 2008, press-service of the company said.  

"OzenMunaiGaz and EmbaMunaiGaz production branches extracted 4 million 422,000 tons (179,800 barrel per day) in the first six months. It is 271,000 tons or 5.8 percent less compared to the same period of 2008," press-release of the company said.

Volume of extraction was expected to hit 9 million 141,000 tons (184,320 barrel per day) at Uzenya and Emba fields in 2009, message said. Roughly 3 million 180,000 tons (67,000 barrel per day) was expected to extract at fields of KazGerMunai company in 2009, but 1 million 800,000 tons (33,000 barrel per day) at CCEL fields. Roughly 50 percent fall on KMG EP in these joint ventures.  

"Roughly 4 million 334,000 tons of oil (without oil of KazGerMunai and CCEL companies), including 3 million 580,000 tons of oil for export were sold to buyers upon preliminary information for the first six months of 2009. Share of sale volumes of KazGerMunai and CCEL companies owned by KMG EP hits 1 million 176,000 tons of oil, including 1 million 22,000 tons of oil for export. It is 1.8 percent and 1.9 percent more compared to the first six months of 2008, accordingly," press-release said.

KMG EP enters three leaders on oil extraction in Kazakhstan. Volume of company's extraction hits 11.95 million tons (240,000 barrel per day) in 2008 given shares in KazGerMunai joint venture and KarazhanbasMunai CCEL companies.

Volume of KMG EP's proved and possible reserves hits 241 million tons (1.8 billion barrel) as of late 2008 but more than 2.1 billion barrel given shares in dependent companies.

Company's shares passed data-sheet at Kazakh Stock Exchange but global depositary receipts at London stock Exchange. 

The company drew more than $2 billion during IPO in September 2006. As a result of 2008, KMG EP got rating of corporative department RKU 6 and loan rating BB+ from Standard & Poor's international agency.

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