Kazakh KMG EP announces financial results for first quarter
Astana, Kazakhstan, May 1
By Daniyar Mukhtarov - Trend:
Kazakh KazMunaiGas Exploration and Production (KMG EP) got revenues worth 220.8 billion tenge ($ 1.301 billion) for the first three months of 2014 or 9 percent more compared to the same period of 2013, the company said on April 30.
The company stressed that the average price of Brent oil for the first three months of 2014 decreased by 4 percent from $112.6 per barrel to $108.2 per barrel compared to the same period of 2013.
"The net income for the first three months of 2014 amounted to 123.5 billion tenge ($ 727 million)," according to the statement.
The production costs for the first three months of 2014 amounted to 43.8 billion tenge ($ 258 million) or 2 percent more than in the same period of 2013, according to the company.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2013 was 12.4 million tonnes (an average of 251,000 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The Company's total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2013 was 200 million tonnes (1.5 bn bbl).
Translated by NH
Edited by CN