21 Apr 2010 12:24

KazMunayGas boosts oil production 16% in Q1

ALMATY. April 21 (Interfax) - KazMunaiGas Exploration Production (KMG EP) produced 3.183 million tonnes of crude oil (262 kbopd) in the first quarter of 2010, including the company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI), which is 440,000 tonnes or 16% more than in 2009. The increase in production results from the acquisition of 33% stake in PKI, which accounts for 487,000 tonnes.

In the first quarter, 2.085 million tonnes of oil (171 kbopd) were produced at production facilities of Uzenmunaigas and Embamunaigas, which is 41,000 tonnes or 1.9% less than in the same period last year. The decline in production was mainly caused by the failure to perform well service operations and oilfield equipment repair on time amid a strike by Uzenmunaigas workers over the period March 4-18 when some of the workers refused to get back to work.

According to preliminary data, in the first three months of 2010 the company sold 2.077 million tonnes (170 kbopd) of crude oil (excluding the share in sales of KGM, CCEL and PKI), of which 1.717 million tonnes (140 kbopd) were exported.

In the first 3 months of 2010 KMG EP's stake in production of KGM (50%), CCEL (50%) and PKI (33%) amounted to 1.098 million tonnes