KMG EP announces operating results for 2010

abarrelfullabarrelfull wrote on 11 Jan 2011 15:22
Tags: kazakhstan kmg-ep upstream

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JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”), announced today that in the full year ended 31 December 2010 it produced 13,285 thousand tonnes of crude oil (270kbopd), which includes the Company’s stakes in Kazgermunai LLP, CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. This is 1,788 thousand tonnes, or 16% more than in 2009. The increase in production mainly results from the acquisition of 33% stake in PetroKazakhstan Inc. in December 2009. Production plans for 2010 were outperformed by all associated companies and production facilities except Uzenmunaigas.

In 2010 the Company produced 8,766 thousand tonnes (177kbopd) of oil at Uzenmunaigas and Embamunaigas production facilities, which is 196 thousand tonnes, or 2% less than 8,962 thousand tonnes (181kbopd) produced in 2009. Embamunaigas outperformed the production plan by 1%, while Uzenmunaigas produced less than the target by 1%. The decline in Uzenmunaigas production was mainly caused by the failure to perform well service operations and timely oilfield equipment repairs amid a strike by Uzenmunaigas workers over the period from March 4 through March 18. Also during the period from June to September 2010 there were a number of emergency power cuts in the fields, caused by severe weather conditions.

In 2010 the Company’s share in the production volumes from associates and joint ventures amounted to 4,519 thousand tonnes of crude oil (93kbopd).

Notes to Editors
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company’s share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234mmt (1.7bn barrels); while including the share of reserves from associates and joint ventures, preliminary about 2.2 bn barrels. The Company’s ordinary and preferred shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. International rating agency Standard & Poor's confirmed the Company’s “BB+” corporate credit rating in July 2010 and “GAMMA-6” level of the corporate governance in November 2010.

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