KMG EP launches two new enterprises in Aktau and Zhanaozen

KMG EP, as subsidiary of National Oil&Gas; Company KazMunaiGaz, has launched two new enterprises in Aktau and Zhanaozen, Tengrinews.kz reports, citing the Company’s Director General Alik Aidarbayev. The two oil service companies are in the process of state registration, but have already employed 1710 earlier fired oilmen, according to Mr. Aidarbayev. “It was reported that the two teams had been staffed with the earlier fired oilmen. We have enough work to keep them busy. We have a budget to this end. The shareholders have allocated $136 million to launch the two enterprises. In the nearest future we will make sure the people are employed. Some will be working in their respective professions, others might be working in adjacent ones. Today the people are undertaking medical tests. Some of them my need professional retraining. We will take into account their skills, capabilities and desires. There will be fully-equipped living quarters for shift workers at the oilfields. However, it will take time”, Mr. Aidarbayev elaborated January 16 in Aktau. 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.