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Kazakh JSC “EmbaMunaiGas” acquires right to develop oil fields under six contracts

Oil&Gas Materials 18 September 2012 13:37
JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") Board of Directors approved the transfer of subsoil use rights to JSC “EmbaMunaiGas” effective from 1 October, 2012 under the following six contracts, the company’s press release says.

Kazakhstan, Astana, Sept.18 / Trend, D.Mukhtarov /

JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") Board of Directors approved the transfer of subsoil use rights to JSC "EmbaMunaiGas" effective from 1 October, 2012 under the following six contracts, the company's press release says.

"The question is about the following contracts: No.37 Kenbay field; No. 61 SE Novobogatinskoye field; No. 211 Botakhan, Makat, Dossor, Tanatar, Kamyshitovoye, etc. 23 fields in total; No. 413 Prorva, Kulsary, Karaton, Koschagyl, etc. 15 fields in total; No. 327 Taisoigan field; No. 992 Novobogatinskoye West field," the press release says.

The Board of Directors also approved the distribution of dividends of LLP "JV Kazgermunai" for the first half of 2012 of US$300 million. The share of KMG EP will be US$150 million.

"The Board decided to change the structure of payments to NC KMG for services. Part of the total will be fixed at 4.5 billion Tenge (US$30 million) for oil export and other services and payment above this will only be made in the event of the completion of acquisition deals. The total amount shall not exceed 10 billion Tenge (US$67 million)," the press release says.

At the meeting it was also decided to call an extraordinary General Meeting of Shareholders of the Company on 6 November, 2012. The agenda of the EGM will include: amendments to the Company's Charter and approval of the Company's Corporate Governance Code.

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2011 was 12.3mt (an average of 250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - about 2.2 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006.

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