Kazakhstan’s KMG EP to increase drilling investment

Kazakhstan’s KMG EP to increase drilling investment

Baku, Azerbaijan, May 20

By Elena Kosolapova - Trend:

Kazakhstan's KazMunaiGas Exploration Production (KMG EP) will increase investments put into drilling in 2015. The decision was taken at the board of directors meeting and the annual general meeting of shareholders on May 19.

"Capital expenditure in 2015 is expected to be 95 billion tenges ($516 million), which is 11 billion tenges ($59 million) or 13 percent more than the capital expenditure plan for 2015 approved in March 2015. Higher capex is largely due to additional drilling of 38 wells at OMG. Thus, 217 wells planned to be drilled in 2015 at OMG and EMG compared with 179 wells approved in March 2015," the company said.

"Current estimate of the capital expenditure is 113 billion tenges ($611 million) in 2016, 99 billion tenges ($533 million) in 2017, 98 billion tenges ($529 million) in 2018 and 97 billion tenges ($524 million) in 2019," according to the KMG EP message.

KMG EP also said the approved business plan requires further work on certain aspects to achieve cash neutrality.

"The negotiations on domestic oil prices are ongoing," the company added.

KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million metric tons (250,000 barrels per day) 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 of late 2014 was 177 million metric tons, out of which 132 million metric tons relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block).

Edited by CN

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Follow the author on Twitter: @E_Kosolapova

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