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KazMunaiGas EP seeks to join the top 30 oil producing companies by 2020

17 may 2011, 15:41
0
Photo by RIA Novosti©
Photo by RIA Novosti©
KazMunaiGas EP seeks to purchase foreign assets. This was announced today, May 17, by the Company’s executives at the annual media event “EP Open”.

“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. Consolidated reserves of the Company may grow by 72% with the planned IPO and anticipated deals. Consolidated production output – given the planned deals – may grow by 76%.

To reach the goals, the Company will have to invest heavily in geological exploration works in Kazakhstan and purchase of assets.

“In those regions of Kazakhstan where we have been operating for a while it would be reasonable to purchase assets even from middle-sized and small companies”, Askar Balzhanov, the Company’s Director General said.
According to him, the Company will be focused on geological exploration works, investments into the Caspian offshore and search for attractive foreign assets.

“Kazakhstan is a bit narrow for us, given our financial resources. We have been monitoring Russia for 4 years. We seek to work in the Russian market in partnership with major companies to minimize possible risks. For the four years we have not found a suitable project yet”, Mr. Balzhanov said.

According to the Company’s top management, the Company plans to purchase assets worth $1.5 billion within the following four years.

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.

KazMunaiGas Exploration Production

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