H1 2011 KazMunaiGas EP oil production output 3% down

In the H1 2011 KazMunaiGas EP АО decresed oil production output by 3% against the like period of 2010 down to 6.3 million tons, the Company reports. Daily production output stood at 258 000 tons of oil. The Company cited inclement weather conditions and protests at Ozenmunaigas as the main reasons behind the production drop. KazMunaiGas Exploration Production was established in March 2004 and is among the top three oil producers in Kazakhstan. Ordinary and preferred shares of KazMunaiGas Exploration Production are listed on the Kazakhstan Stock Exchange, and its global depository receipts (GRDs) are listed on the London Stock Exchange. Through National Company KMG, the state owns 60% of KMG EP’s shares. KazMunaiGas Exploration Production is developing 41 fields in Western Kazakhstan. The Company is the largest taxpayer in Kazakhstan. May 17 the Company’s executives announced that KazMunaiGas EP seeks to purchase foreign assets. “Apart from on-land assets, the Company seeks to increase the share of its maritime projects and foreign projects in the company’s portfolio. The share of maritime and foreign projects by 2020 will make up at least 40%”, the Company’s Business Development Director Dastan Abdulgafarov said. According to him, as of today the Company is ranked 2nd in Kazakhstan in terms of oil production output.