Kazakh oil and gas company sharply increases production
Azerbaijan, Baku, Aug. 29 / Trend E. Kosolapova/
Zhaikmunai LP (ZKM), the oil and gas exploration and production enterprise based in northwest Kazakhstan, increased production to 37,285 barrels of oil equivalent per day compared to 9,714 barrels of oil equivalent per day in the same period of 2011, the company reported on Wednesday.
The company's net income increased by 2.4 times in this period to $86.6 million compared to the same period of 2011. ZKM's EBITDA increased from 73.9 million tons to 212.8 million tons in the reporting period.
The company's revenue from hydrocarbon sales increased by 2.6 percent to $323.4 million in January-June 2012 compared to the same period of 2011.
Average realized oil price hit $109.05 per barrel in the reporting period (0.7 percent increase compared to the same period of 2011).
Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration and development and production of oil and gas. It is listed on the London Stock Exchange. Its principal producing asset is the Chinarevskoye Field located in north-western Kazakhstan.