Astana, Kazakhstan, August 6
By Daniyar Mukhtarov - Trend:
Net profit of the Kazakh "KazMunaiGas Exploration Production"(KMG EP) amounted to 1.193 billion for the first six months of 2014 compared to $257 million in the same period last year, according to the press-service of the company.
"The profit growth was mainly due to significant revenue from foreign exchange gain before pre-taxes resulting from the devaluation of the tenge in February, 2014," the report said.
The report notes that the company`s revenue made up 2,635 billion in the first half of the year, which is 21 percent more compared to the same period of 2013.
The average price for "Brent" brand increased by 1 percent in the first six months of 2014 compared to the same period in 2013 (from $107.5 per barrel to $108.9 per barrel), according to the report.
"Production costs of the company amounted to $502 million in the first six months of 2014 which is 7 percent more than the same period of 2013, It is mainly explained with an increase in the cost of employees` remuneration in the production units of the company," the report said.
KMG EP is among the top three oil producers in Kazakhstan. The company's production volume including shares in the JV Kazgermunai LLC, CCEL (Karazhanbasmunay) and PetroKazakhstan Inc. amounted to 12.4 million tons (251,000 bpd) in 2013. As of 2013, the company's total consolidated volume of proved and probable reserves including shares in the associates was 200 million tons (1.5 billion barrels).
Edited by CN