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KMG EP’s profit grew 12% in 2010

03 march 2011, 19:29
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Photo by RIA Novosti©
Photo by RIA Novosti©
KazMunaiGas Exploration Production increased its profit after tax by 12% to $1.591 million in 2010, according to the company’s website.

The increase in profits is mostly due to higher oil prices: average Brent price increased 28% from $61.7 per barrel to $79.2 per barrel.

The company’s operating profit increased 21% to $1.267 million compared with 2009, according to its consolidated financial statements for the year ended December 31, 2010.

KazMunaiGas EP produced 13.285 million tons of oil in 2010. The consolidated production for the year was 16% higher than for the same period of 2009 mainly due to the acquisition of a 33% stake in PetroKazakhstan Inc. in December 2009.

KazMunaiGas EP is planning to increase its consolidated oil production by another 2% in 2011 and bring it to 13.5 million tons.

KMG EP is among the top three Kazakh oil and gas producers. Its proven and probable reserves made 232 million tons at the end of 2010.

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