Azerbaijan, Baku, May. 15 / Trend E. Kosolapova/
Kazakh National Oil and Gas Company KazMunaiGas Exploration Production got 660 million tenge ($4 million) dead loss in the first quarter of 2013 compared to 75.218 million tenge profit in the same period of 2012, the company reported on Wednesday.
The company's revenues in the first three months of 2013 decreased by 2 percent compared to the same period of 2012, and amounted to 202 billion tenge ($1,342 million).
"This was mainly due to a 5 percent oil price reduction, which was partially offset by higher domestic price and supply volume," the company said.
Production expenses in the first three months of 2013 were 43 billion tenge ($284 million), which is 36 percent higher compared to the same period of 2012 mainly due to increased expenses for employee benefits, energy and repairs and maintenance.
Exploration expenses amounted to 6.6 billion tenge ($44 million) in the first three months of 2013 compared to 1.3 billion tenge ($9 million) in the same period of 2012.
Operating cash flow in the first three months of 2013 was 30 billion tenge ($200 million), which is 55 percent lower than in the same period of 2012, mainly due to lower revenues, higher production expenses, higher income tax paid and change in working capital.
Purchases of property, plant and equipment and intangible assets (as per cash flow statement) in the first three months of 2013 were 37 billion tenge ($245 million), which is 202 percent higher compared to the same period of 2012.
As was earlier reported, in the first three months of 2013 KMG EP produced 3.002 million tones of crude oil (247,000 barrels of oil per day), including the company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI) which is 1 percent less than in the same period of 2012.
Company's subsidiary Uzenmunaigas JSC (UMG) produced 1.237 million tones of oil (101,000 barrels per day), about the same as in the first quarter of 2012. KMG EP's subsidiary Embamunaigas JSC (EMG) produced 691,000 tones of oil (56,000 barrels per day), which is 16,000 tones or 2 percent more than in the same period of 2012. The total volume of oil produced by UMG and EMG in the first three months of 2013 is 1.927 million tones (158,000 barrels per day), which is 1 percent more than in the same period of 2012 and conforms to the production plan. The company's share in the production of Kazgermunai, CCEL and PetroKazakhstan Inc. for the three months of 2013 amounted to 1.074 million tones of crude oil (89,000 barrels per day) which is 44,000 tones or 4 percent less than in the same period of 2012 and in accordance with production plans for these companies.
KMG EP is among Kazakhstan's top three oil and gas producers. Its overall production in 2012 was 12.2 million tons of crude oil (an average daily production of 247,000 barrels), including the company's share in Kazgermunai, CCEL and PetroKazakhstan. The total volume of the explored and estimated reserves as at the end of 2011 was 226 million tons (1.7 billion barrels), including shares in the associates of about 2.1 billion barrels.