Kazakhstan, Astana, Nov. 14 / Trend , K.Konirova /
JSC KazMunaiGas Exploration Production (KMG EP) reported that its consolidated production was 9.207 million tons of crude oil (250 kbopd) including the Company's stakes in LLP Kazgermunai JV (KGM), CCEL (CCEL, Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), KMG EP reported.
This was 739,000 tons or 7 percent less than during the same period in 2010.
"The results of the first nine months were negatively affected by a number of emergency power cuts in the fields, caused by severe weather conditions in March and April 2011, as well as the illegal labour action at Uzenmunaigas (UMG)," the report reads.
The production process has now been normalised and production level has been increasing for the past two months. Assuming no significant disruptions to the production process, the expected underproduction compared to the plan for the full year of 2011 is currently estimated at 1,150 thousand tonnes, or 8.5% of the consolidated volume of KMG EP's production (including the stakes in the jointly controlled entities where production targets are expected to be exceeded).
Profit after tax (net income) in the first nine months of 2011 was 165bn Tenge ($1,126m). This represents a 5% growth compared to the same period of 2010, which is mainly explained by an increase in oil price, partly offset by production decline due to the illegal strike, increase in operating taxes, production costs and selling, general and administrative expenses (fines and penalties).