ASTANA, Kazakhstan, November 24. KazMunayGas JSC's (KMG, Kazakhstan's national oil and gas company) share in the profits of joint ventures and associated companies amounted to 565 billion tenge ($1.248 billion) from January through September 2023, Trend reports.
According to the financial results of the company, this figure decreased by 27.4 percent compared to the same period in 2022 (779 billion tenge, or about $1.68 billion).
Profits at Tengizchevroil LLP fell by 243 billion tenge ($520 million), Mangistau Investments B.V. fell by 16.1 billion tenge ($34 million), and Caspian Pipeline Consortium fell by 16 billion tenge ($33 million).
Furthermore, adjusted for the share of earnings in jointly managed firms and affiliates, net profit was 600 billion tenge ($1.324 billion), up from 633 billion tenge ($1.381 billion).
From January to September 2023, KazMunayGas's revenue was 6.087 trillion tenge (about $13.439 billion). Simultaneously, the company's net profit, after deducting income from jointly managed enterprises and linked companies, was 949 billion tenge ($2.095 billion).
KazMunayGas increased its oil and gas condensate production volume over the first nine months of 2023, surpassing the data from last year's same period by nine percent, totaling 17.5 million tons (483,000 barrels per day).
The production volume of natural and associated gas in the reporting period of 2023 increased by 17.9 percent year-on-year to over seven billion cubic meters.
The volume of oil and condensate production at the operational assets decreased by 1.9 percent to 10 million tons (267,000 b/d).