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Strike derails Kazakh oil production target

14 september 2011, 13:53
0
Photo courtesy of KazMunaiGas
Photo courtesy of KazMunaiGas
Kazakhstan's London-listed unit of its state energy company may miss its 2011 production targets because of an ongoing strike, AFP reports, citing a top official on Wednesday.

The head of the giant state holding that controls KazMunaiGas Exploration Production said the oil unit's strike-hit Uzenmunaigas (UMG) facility would probably underperform this year.

"It is clear that we will have a loss because of the strike," the head of the Samruk-Kazyna State Welfare Fund Timur Kulibayev told reporters.

Six hundred out of the 9,000 workers at the Caspian Sea region facility went on strike on May 26. The action was one of several affecting at least three oil companies operating in the region.

"It is possible that Uzenmunaigas will not fulfil the plan of production for 2011, but production levels will soon be restored," Kulibayev was quoted as saying by the Tengrinews.kz website.

KazMunaiGas EP earlier this week released half-year financial results showing the company's consolidated production down three percent on the same period in 2010.

Production at the Uzenmunaigas facility was reported down 7.4 percent from 2.951 million tonnes of crude oil to 2.733 million tonnes.

The strike mainly impacted the company's export volumes, KazMunaiGas EP added.

"The main factors that had a negative impact on KMG EP's results were production and export decline due to the illegal strike as well as increased fines and penalties," the company said.

KazMunaiGas EP said its six-month net profit rose 14 percent to 114 billion tenge ($776 million, 552 million euros) thanks to strong global oil prices.

Almaty-based Insitute of Political Solutions made a survey of attitude of Kazakh citizens towards the protests in Mangistau oblast.

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