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KMG EP announces 2011 oil production output results

09 january 2012, 15:56
0
Photo by RIA Novosti©
Photo by RIA Novosti©
KMG EP, as subsidiary of National Oil&Gas; Company KazMunaiGaz, produced 12 341 000 tons of oil (250 000 barrels a day), 944 000 tons (7%) down as compared to 2011 – mostly due to the illegal industrial action and power shortages at the oil fields amidst inclement weather conditions in January-April, the Company’s Press Service reports.

According to the Press Service, measures are being taken to restore oil production output levels. As of December 31, daily production output stands at 14 200 tons of oil (105 000 barrels).

With anticipated Brent price of $80 per barrel, 2012 capital investments are estimated at 852 million, 19% up against 2011. “Growing capital investments will go to expand geological exploration works and launch new oil service facilities”, the statement reads.

Oil production output in 2012 is expected at 13 065 000 tons (265 000 barrels a day), 6% up against 2011.

The Company’s shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately US$2 billion in its IPO in September of 2006. The 2nd largest Kazakh oil producing company in 2010. KMG EP operates 41 fields in Western Kazakhstan excluding acquisitions made from 2007 through 2010.

At the end of 2010, proved plus probable oil reserves of the core assets (UMG and EMG) were estimated to be 232 million tonnes (1,707 million barrels), with an estimated reserves life of 26 years at 2010 production levels.

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