Kazakhstan’s KMG EP slightly reduces oil production forecast
Baku, Azerbaijan, April 3
By Elena Kosolapova - Trend:
Kazakhstan's KazMunaiGas Exploration Production (KMG EP) slightly reduced the oil production forecast in its subsidiaries OzenMunaiGas (OMG) and EmbaMunaiGas (EMG) in 2015, the company said April 2.
Planned production in 2015 is expected to be 5.4 million metric tons (108 kbopd) from JSC OzenMunaiGas (OMG) and 2.8 million metric tons (56 kbopd) from JSC EmbaMunaiGas (EMG).
The total planned production volume in 2015 from OMG and EMG is expected to be 8.2 million metric tons (164 kbopd), which is 69,000 tons or 1% less than the 2015 planned production volumes approved in December 2014.
The Company's share in the planned production of Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI) in 2015 remained unchanged compared to the earlier approved budget and is expected to be 1.5 million metric tons (32 kbopd), 1.1 million metric tons (19 kbopd) and 1.4 million metric tons (31 kbopd), respectively.
Expected volumes of oil supply to the domestic market in 2015 were revised downwards. It is expected that the annual volume of oil supply to the domestic market from OMG and EMG in 2015 will be 2.3 million metric tons (47 kbopd), of which 1.9 million metric tons (38 kbopd) will be supplied from OMG to the Atyrau refinery and 0.4 million metric tons (9 kbopd) from EMG to the Pavlodar refinery.
The lower volumes of oil supply to the domestic market by 0.7 million metric tons (13 kbopd) from OMG and EMG compared to the previous plan is due to the fact that the full reverse of the Kenkiyak - Atyrau oil pipeline is not yet completed. An additional 100,000 metric tons of oil will be processed at the Atyrau refinery for the Company's own use.
The Company's share in the planned volume of oil supply to the domestic market in 2015 from KGM, CCEL and PKI is 1.9 million metric tons (39 kbopd) or 48% of total sales from these companies. KGM and PKI will supply oil to the Pavlodar and Shymkent refineries and CCEL will supply the Aktau bitumen plant.
KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million metric tons (250 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 metric tons (1.5 bn bbl), out of which 148.8 million metric tons (1.1 bn bbl) relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block).
follow the author on Twitter: @E_Kosolapova