President Nazarbayev called KazMunaiGas to improve analysis and forecasts

KazMunaiGas national oil and gas company should improve its analysis and forecast efforts against the backdrop of the falling oil prices at the global markets, President Nazarbayev told the company’s head Mr. Lyazzat Kiinov at a meeting on June 27, Tengrinews.kz reports referring to the presidential press-service. “The global hydrocarbon prices have been falling significantly. During the past month the oil price has dropped from $107 to below $90 per barrel. KazMunaiGas is a flagship of the national oil industry. Given the unfavorable global trends, the Company should reinforce its analysis and forecast efforts”, the President’s press-service quotes him as saying. Mr. Kiinov briefed President Nazarbayev on the company’s performance: “The company has employed 2 000 people in Zhanaozen (where a deadly mass unrest claimed lives of 14 people last December) and Karazhanbas.” The company’s oil and condensed gas production in 2011 totaled 21.1 million tons. Plans are to produce 21.9 million tons in 2012. Earlier Kazakhstan’s Minister of Oil and Gas Sauat Mynbayev declared that Kazakhstan planned to produce a total of 83 million tons of oil and condensed gas.