Azerbaijan, Baku, Oct. 23 / Trend E. Kosolapova/
Kazakh KazMunaiGas Exploration Production (KMG EP) announces its operating results for the first nine months of 2013.
KMG EP produced 9.228 million tons of oil (250,000 barrels of oil per day), including the company's stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI), a one per cent increase compared to the same period of 2012.
Ozenmunaigas JSC (OMG) increased oil production by five per cent to 3.873 million tons (104,000 barrels of oil per day). Embamunaigas JSC (EMG) increased oil production by one per cent to 2.124 million tons (57,000 barrels of oil per day).
The total volume of oil produced at OMG and EMG in January-September 2013 compared to the same period of 2012 increased by four per cent and hit 5.997 million tons (162,000 barrels of oil per day).
The company's 2013 production target plan for its core assets (OMG and EMG) remains at 8.1 million tons (164,000 barrels of oil per day) but the company realises that it will continue to face challenges in production at the Uzen field.
The company's share in oil production from KGM, CCEL and PKI decreased by three per cent compared to the same period of 2012 to 3.230 million tons of oil (88,000 barrels of oil per day), mainly due to a six per cent decline in PKI's production. It is expected that CCEL and KGM will meet the initial target of one million tons (19,000 barrels of oil per day) and 1.5 million tons (32,000 barrels of oil per day) respectively in 2013.
In the first nine months of 2013, OMG and EMG exported 4.482 million tons of oil (119,000 barrels of oil per day). This makes up 74 per cent of the company's total sales volume from core assets. OMG's and EMG's domestic sales amounted to 1.535 million tons (41,000 barrels of oil per day), or 26 per cent of KMG EP's total domestic sales. The company expects OMG and EMG will supply two million tons to the domestic market in 2013.
KMG EP's share in the sales from KGM, CCEL and PKI hit 3.217 million tons of oil (89,000 barrels of oil per day), including 2.841 million tons of exported oil (79,000 barrels of oil per day).
The Proved plus Probable reserves of KGM, CCEL and PKI hit 56 million tons (402 million barrels) of oil, or 27 per cent of KMG EP's consolidated reserves at the end of 2012. This index was 59 million tons (422 million barrels) or 21 per cent of KMG EP's total reserves at the end of 2011.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2012 was 12.2 million tons (an average of 247,000 barrels of oil per day) of oil, including the company's share in Kazgermunai, CCEL and PKI. The company's total consolidated volume of proven and probable reserves including shares in the associates, as at the end of 2012 was 204 million tons (1.5 billion barrels), out of which 148 million tons (1.1 billion barrels) relates to Ozenmunaigas and Embamunaigas.