Baku, Azerbaijan, Jan. 22
By Elena Kosolapova - Trend: Kazakh KazMunaiGas Exploration Production (KMG EP) announced its full year operating results for 2013 and dividends received from joint ventures and associate in 2013.
KMG EP, including the company's stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI) increased oil production by 2 percent in 2013 compare to 2012 to 12.387 million tons (251,000 barrels of oil per day), the company reported on Jan.22.
The company met the production target for 2013 as a result.
KMG EP's production facility Ozenmunaigas JSC (OMG) increased oil production by 5 percent to 5.208 million tons (105,000 barrels of oil per day). KMG EP' production facility Embamunaigas JSC (EMG) increased production by 1 percent to 2.841 million tons (57,000 barrels of oil per day).
The total volume of oil produced at OMG and EMG increased by 4 percent in 2013 to 8.049 million tons (162,000 barrels of oil per day).
In 2013, the company's combined export sales from OMG and EMG were 6.017 million tons (119,000 barrels of oil per day), or 75 percent of the total sales volume.
Domestic sales amounted to 1.968 million tons (39,000 barrels of oil per day), or 25 percent of total sales volume.
KMG EP's share in production from KGM, CCEL and PKI decreased by 2 percent to 4.338 million tons (89,000 barrels of oil per day), mainly due to a 5 percent decrease in production at PKI due to a natural decline in production.
The company's share in the sales from KGM, CCEL and PKI was 4.319 million tons of crude oil (88,000 barrels of oil per day), including 3.829 million tons of exported oil (78,000 barrels of oil per day).
2014 production at OMG and EMG is expected to reach 5.350 million tons (108,000 barrels of oil per day) and 2.820 million tons (57,000 barrels of oil per day), respectively. The company's share production at KGM, CCEL and PKI is forecasted at 4.093 million tons (84,000 barrels of oil per day) in 2014, which is 6 percent lower compared to 2013, mainly due to a natural decline in production at KGM and PKI.
KMG EP is among the top three Kazakh oil and gas producers. The company's total consolidated volume of proved and probable reserves including shares in the associates, as of the end of 2012 was 204 million tons (1.5 billion barrels), out of which 148 million tons (1.1 billion barrels) belongs to Ozenmunaigas and Embamunaigas.
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