KMG Exploration Production Company’s income up 23 per cent
Kazakhstan, Astana, Nov. 14 / Trend K. Konyrova /
The KazMunaiGas Exploration Production company's crude oil sales in the first nine months of 2011 increased by 23 per cent compared to the same period in 2010, the company said.
"Revenues from oil sales amounted to $3.669 million," the company said. "This was due to a 38 per cent increase in the average realised price, from $63.05 per barrel to $87.89 per barrel partially offset by reduced export volume sales due to decreased production."
In the first nine months of 2011, KMG EP's consolidated production was 9207 tons of crude oil (250,000 barrels per day) including the company's stakes in LLP Kazgermunai JV (KGM), CCEL (CCEL, Karazhanbasmunai) and PetroKazakhstan Inc. (PKI). This was 739,000 tons or seven per cent less than during the same period last year.
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 unlawful labour action at Uzenmunaigas.