Kazakh KazMunaiGas Exploration Production expects production growth for 2013-2015

Azerbaijan, Baku, Oct. 21 / Trend, E. Kosolapova/

Kazakh KazMunaiGas Exploration Production (KMG EP) company plans to increase production for 2013-2015, the company's top-managers said at a conference on Monday, Novosti-Kazakhstan reported.

"Production at our core assets will reach 8.15 million tons in 2013, 8.6 million tons in 2014, 9.06 million tons in 2015," KMG EP's managing director for geology and development Murat Mustafayev said.

Moreover, KMG EP's share in joint ventures' production in this period is expected to reach 4.3-4.4 million tons per year.

In turn, according to the company's Chief Financial Officer Benjamin Fraser, KMG EP will reduce capital investment. According to Fraser, company's capital investments are planned at $1.1 billion in 2013 and at $0.9 billion in 2014.

EP reduced hydrocarbon production by 7 to 12.341 million tons in 2011 compared to 2010 resulting from many months long strike of KMG employees. In 2012, the company reduced oil production by 1 percent to 12,191 million tons.

KMG EP is among the top three Kazakh oil and gas producers. Overall, production in 2012 was 12.2 million tons (an average of 247,000 barrels of oil per day) of crude oil, including the company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as at the end of 2011 was 226 million tons (1.7 billion barrels), including shares in the associates of about 2.1 billion barrels.

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