Kazakh KazMunaiGas Exploration Production company to agree new staff of Board of Directors

Oil&Gas Materials 12 March 2013 13:39 (UTC +04:00)

Kazakhstan, Astana, March 12 / Trend D. Mukhtarov /

JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company") held a meeting of the Board of Directors ("the Board") yesterday, the company said today.

"The Board has decided to set a new date for the Extraordinary General Meeting of Shareholders ("the EGM")," the message said. "Previously, the EGM was to convene on 19 March 2013. The change of date was due to necessity to agree on nominations of members of the new Board, as powers of the current Board expire on 25 March 2013.

The agenda has not changed and consists of the following two issues:
1) Election of members of the Board of Directors;
2) Determination of the amount and terms of remuneration of the Board of Directors.

KMG EP is among the top three Kazakh oil and gas producers. The production in 2012 was 12.2mt (247 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 2011 was 226mt (1.7bn bbl), including shares in the associates of about 2.1bn barrels.