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KazMunaiGas EP annual oil production output may fall 6% due to industrial action

28 july 2011, 03:45
0
©RIA Novosti
©RIA Novosti
The 2011 annual oil production output of the KazMunaiGas EP may fall 6% due to the industrial action persisting for the third month at Ozenmunaigas production facility in Zhanaozen city in Mangistau oblast, Novosti Kazakhstan reports, citing the Company.

According to the Company, production output is currently 366 000 tons of oil behind the schedule.

“(…) Given all that, the production figure may lag 800 000 (6% of the Company’s consolidated production figure) behind the plan as of the end of the year (with due consideration of the Company’s stakes in other enterprises expected to outperform the planned levels)”, the Company reported July 27.

“This will entail substantial financial losses, first of all for the government that is not only the tax payments recipient, but also a major shareholder”, the Company stated.

As of July 27, 748 oil workers are supporting the industrial action.

Some hundreds of Ozenmunaigas oilmen went on strike late May, demanding a wage raise. Since the start of the allegedly illegal industrial action the Company has sacked some hundreds people.

KazMunaiGas Exploration Production was established in March 2004 and is among the top three oil producers in Kazakhstan. Ordinary and preferred shares of KazMunaiGas Exploration Production are listed on the Kazakhstan Stock Exchange, and its global depository receipts (GRDs) are listed on the London Stock Exchange. Through National Company KMG, the state owns 60% of KMG EP’s shares. KazMunaiGas Exploration Production is developing 41 fields in Western Kazakhstan. The Company is the largest taxpayer in Kazakhstan.

May 17 the Company’s executives announced that KazMunaiGas EP seeks to purchase foreign assets. “Apart from on-land assets, the Company seeks to increase the share of its maritime projects and foreign projects in the company’s portfolio. The share of maritime and foreign projects by 2020 will make up at least 40%”, the Company’s Business Development Director Dastan Abdulgafarov said.

According to him, as of today the Company is ranked 2nd in Kazakhstan in terms of oil production output.

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