Kazakhstan, Astana, Sept. 4 / Trend , K. Konyrova /
According to the press-service of JSC KazMunaiGas Exploration Production (KMG EP), the net profit for the period amounted to 128.8 billion tenge ($890 million) and the profit per share was 1,750 tenge ($2.2 dollar per GDR ), including a substantial income from the exchange rate difference, amounting to 97.9 billion tenge ($677 millions).
The company's operating profit amounted to 57 billion tenge ($394 million), decreasing 74 percent compared to the 215 billion tenge ($1.786 billion) received in the first half of 2008, due to low oil prices.
"The annual budget for capital expenditure in 2009 increased by 13 percent - from 40 billion tenge (for the first quarter of 2009) to 45 billion tenge, reflecting the improved market conditions since early 2009, which will enable us to drill 25 additional wells in 2009," said the company.
"Thanks to a rise in oil prices, the company was able to send additional funds to ensure a stable level of production in major fields. KMG EP's solid financial position allows us to continue the company's development strategy through new purchases," said CEO Kenzhebek Ibrashev, commenting on the financial results for the first six months of 2009.