Kazakhstan, Astana, March 3 / Trend A. Maratov /
KazMunaiGas Exploration and Production is expected to produce 9.1 million tons (183,000 barrels per day) on the industrial branches Ozenmunaygaz and Embamunaygas in 2011, or 4 percent more than was produced in 2010, the company said.
"According to preliminary data, it is expected to increase the consolidated volume of production by two percent to 13,5 million tons in 2011, including the share of oil production at joint ventures," the company said.
According to the information, it is planned to send 1.9 million tons (38,000 barrels per day) to the internal market from the major deposits of KMG in 2011.
The press service noted that the company forms the budget for 2011, based on the price of oil worth $65 per barrel. It corresponds to the macroeconomic forecast of the Kazakh government and forecast oil prices.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5 million metric tons (an average of 232,000 barrels per day) of crude oil, including the Company's share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234 million metric tons (1.7 billion barrels); while including the share of reserves from associates and joint ventures, preliminary about 2.2 billion barrels. The company's ordinary and preferred shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2 billion in its IPO in September 2006. International rating agency Standard & Poor's confirmed the Company's BB+ corporate credit rating in July 2010 and GAMMA-6 level of the corporate governance in November 2010.