KazMunaiGas JSC NC to correct forecasts due to fall in oil prices
Astana, Kazakhstan, Dec. 9
By Daniyar Mukhtarov - Trend:
The budget of Kazakhstan's KazMunaiGas JSC national oil company will be corrected as oil prices drop, chairman of the Board of KazMunaiGas JSC NC Sauat Mynbayev said at a briefing in Astana on Dec.9.
He said the company's budget was prepared to takie into account the price at $80 per barrel, but now the budget will be corrected considering the lower price level. "Tentatively, it can be $50 per barrel."
Mynbayev added that the company's investment program will also be corrected.
This is while the company doesn't expect a decrease in the oil production volume.
"We plan to maintain the oil production volume in 2015 at the level of 2014," he said. "It is even planned to increase this volume."
In total, it is planned to produce 8.1 million metric tons of oil as of 2014, or 165,000 barrels of 'black gold' per day at the core assets of KazMunaiGas Exploration and Production (Uzenmunaigas and Embamunaigas).
Kazgermunai JV, CCEL and PetroKazakhstan Inc. are expected to implement the previously adopted plan for production for 2014.
Edited by CN