...

Kazakhstan's KazMunayGas forecasts annual oil output decrease

Oil&Gas Materials 26 November 2020 05:01 (UTC +04:00)
Kazakhstan's KazMunayGas forecasts annual oil output decrease

BAKU, Azerbaijan, Nov. 25

By Nargiz Sadikhova - Trend:

Oil output of Kazakhstan’s KazMunayGas National Company (KMG) in 2020 is forecast to be 21.7 million tons as compared to 23.6 million tons extracted in 2019, Trend reports citing Kazakh media.

The company said that decline in company’s production indicators, coupled with the decline in oil prices, could not but affect the company's financial performance. It was also emphasized that over the period of COVID-related shocks KazMunayGas turned out to be more prepared in comparison with previous global crises.

KMG said it continued its systematic work to maintain financial stability, in October successfully placing a 12.5-year issue of Eurobonds for a total of $ 750 million. The funds received were used for early redemption of Eurobonds with maturities in 2022 and 2023.

Over the past three years, KazMunayGas has reduced its debt from $16 billion to $10 billion. According to the national company, it currently has an acceptable debt repayment schedule corresponding to current cash flows. The national oil and gas operator plans to extend the austerity regime until the end of 2021.

KazMunayGas National Company (KMG) is the Kazakhstan operator for exploration, production, refining, and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.

---

Follow the author on Twitter: @nargiz_sadikh

Tags:
Latest

Latest