KMG EP produces over 9mln tons of crude oil

Kazakhstan Materials 10 October 2011 12:29 (UTC +04:00)

Azerbaijan, Baku, Oct. 10 / Trend , G.Dadashova /

JSC KazMunaiGas Exploration Production (KMG EP) produced 9,207,000 tons of crude oil (250kbopd) including the Company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI) in the first nine months of 2011, the company reported.

The figure is 738,000 tons or 7 percent less than in the same period of 2010.

Uzenmunaigas (UMG) produced 3,789,000 tons (102kbopd), which is 685,000 tons less than in the same period of 2010. Embamunaigas (EMG) produced 2,103,000 tons (57kbopd), which is 21,000 tons more than in the same period of last year.

The total volume of the oil produced at the production facilities of UMG and EMG in the first nine months of 2011 is 5,891,000 tons of oil (159kbopd), which is 664,000 tons or 10 percent less than in the same period of last year, KMG EP reported.

The results of the first nine months were negatively affected by the illegal industrial action at UMG during May-August 2011 and a number of emergency power cuts in the fields during January-April 2011 caused by severe weather conditions.

The company's share in the production volumes from KGM, CCEL and PKI for the nine months of 2011 amounted to 3,315, 000 tons of crude oil (91kbopd) which is 74,000 tons or 2 percent less than in the same period last year in accordance with production plans of these companies.

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3mt (an average of 270kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - about 2.2 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006.