EP KazMunaiGas produced 6 million tons of oil in 6 months

EP KazMunaiGas produced 6.1 million tons of oil (248 thousand barrels per day) in the first six months of 2012, Tengrinews.kz reports citing the company’s press-service. The production results are 354 thousand tons (4 percent) less than in the same period of 2011. OzenMunaiGas (OMG) is mostly responsible for the lag in production. The company produced 2.5 million tons (100 thousand barrels per day), which is 266 thousand tons less than in the first six months of 2011. The main cause for such a decrease are bad weather conditions, wells downtime during a long protest campaign, as well as wear down of equipment and infrastructure. OMG is expected to produce 5.1 million tons of oil in 2012, which is 700 thousand less the set target. In the three first months of 2012 the profits of EP KazMunaiGas grew by $508 million and made $1.4 million. This is 8 percent more than the same period of 2011. Net profits made $508 million, which is 27 percent more than in the same period of 2011.