Kazmunaigas Announces its Operating Results for the First Quarter of 2014

Source Press Release
Company KazMunaiGas Exploration Production 
Tags Financial & Operating Data, General
Date April 25, 2014

JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company") announces its operating results for the first quarter of 2014.

KMG EP produced 3,048 thousand tonnes of crude oil (250 kbopd) for the first three months of 2014, including the Company's stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI), which is 45 thousand tonnes or 1% more than in the same period of 2013.

Ozenmunaigas JSC (OMG) produced 1,301 thousand tonnes (106 kbopd), an increase of 5% over the same period of 2013. Embamunaigas JSC (EMG) produced 684 thousand tonnes (56 kbopd), which is 1% less than in the same period of 2013. The total volume of oil produced at OMG and EMG is 1,985 thousand tonnes (162 kbopd), which is a 3% increase over the same period of 2013 and in accordance with 2014 production plans for these companies.

The Company's share in production from KGM, CCEL and PKI for the first quarter of 2014 amounted to 1,063 thousand tonnes (88 kbopd), which is 1% less than in the same period of 2013.

In the first quarter of 2014, the Company's combined export sales from OMG and EMG were 1,459 thousand tonnes (117 kbopd). Domestic sales amounted to 519 thousand tonnes (42 kbopd). The Company expects that domestic sales from OMG and EMG in 2014 will amount to 1.9 million tonnes.

The Company's share in the sales from KGM, CCEL and PKI was 1,051 thousand tonnes of crude oil (87 kbopd), including 598 thousand tonnes (49 kbopd), or 57% supplied to export markets. The growth in domestic sales volumes is related to an increase in quotas by the Kazakh Ministry of Oil and Gas.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd