Kazakhstan’s KMG EP revises oil production plan for 2015

Oil&Gas Materials 20 May 2015 17:14 (UTC +04:00)

Baku, Azerbaijan, May 20
By Elena Kosolapova - Trend:

Kazakhstan's KazMunaiGas Exploration Production company revised the oil production plan for 2015 upwards, the company said May 20.

KazMunaiGas Exploration Production ("KMG EP" or the "Company") held its regular Board of Directors ("the Board") meeting and the Annual General Meeting of Shareholders ("AGM") on May 19, 2015.

"The planned production in 2015 is expected to be 5.478 million metric tons (110 kbopd) from JSC OzenMunaiGas (OMG), which is 123,000 metric tons or 2% more than the planned volume approved earlier," the statement said.

This decision was made at this meeting.

Upwards revision of the production plan at OMG is due to ahead of plan production drilling from the beginning of the year at OMG fields and planned drilling of additional 38 wells. It is expected that additional production volume from drilling 38 new wells will be 74,000 metric tons, the statement said.

The production plan at JSC EmbaMunaiGas (EMG) remains unchanged and is expected to be 2.8 million metric tons (56,000 bpd).

Thus, the total planned production volume in 2015 from OMG and EMG is expected to be 8.278 million metric tons (166,000 bpd). The OMG and EMG production profile is expected to be 8.182 million metric tons (165,000 bpd) in 2016, 8.160 million metric tons (164,000 bpd) in 2017, 8.193 million metric tons (165,000 bpd) in 2018 and 8.203 million metric tons (165,000 bpd) in 2019.

The Company's share in the planned production of Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI) in 2015 remains unchanged compared to the earlier approved budget and is expected to be 1.499 million metric tons (32,000 bpd), 1.05 million metric tons (19,000 bpd) and 1.439 million metric tons (31,000 bpd), respectively.

KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million metric tons (250,000 bpd) 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 2014 was 177 million metric tons (1.303 billion barrels), out of which 132 million metric tons (981 million barrels) relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block).

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