KazMunaiGas Exploration Production cuts oil output 1% in 9M
ALMATY. Oct 18 (Interfax) - Kazakhstan's KazMunaiGas Exploration Production (KMG EP) 9.108 million tonnes (246 kbopd) of oil in January-September,), 1% less than in the same period of 2011, the company said in a statement.
The figure includes the company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI).
The company's share in the production from KGM, CCEL and PKI for the first nine months of 2012 amounted to 3.313 million tonnes of crude oil (91 kbopd), about the same as in the first nine months of 2011.
JSC Uzenmunaigas (UMG) produced 3.699 million tonnes (99 kbopd), which is 9,000 tonnes less than in the same period of 2011. JSC Embamunaigas (EMG) produced 2.096 million tonnes (56 kbopd), which is almost the same as in the nine months of 2011. The total volume of the oil produced at UMG and EMG is 5.794 million tonnes of oil (156 kbopd).
KMG EP expects annual production in UMG in 2012 to be 4.9 million tonnes (99 kbopd). The Company expects that EMG will achieve its initial plan of 2.8 million tonnes. Thus, it is expected that the total volume of the oil produced at UMG and EMG in 2012 will be 7.7 million tonnes (156 kbopd).
In the first nine months of 2012 the Company's export and domestic sales from the UMG and EMG were 4.637 million tonnes (125 kbopd) and 1.206 million tonnes (32 kbopd) respectively.
The Company's share in the sales from KGM, CCEL and PKI was 3.407 million tonnes of crude oil (94 kbopd), including 2.522 million tonnes (70 kbopd) or 74% of total sales supplied to export markets.
The Company informs that in line with the announced modernization program, in the beginning of October 2012 the Company has successfully completed construction of the first horizontal well in Uzen field with daily production flow rate exceeding 22 tonnes. The Company plans to start construction of the second horizontal well by the end of 2012.
KMG EP is among the top three Kazakh oil and gas producers.
The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange.
