January 22, 2013 12:46
KMG EP cuts oil production 1% in 2012
ALMATY. Jan 22 (Interfax) - JSC KazMunaiGas Exploration Production (KMG EP) cut oil production 1% to 12.191 million tonnes in 2012, the company said in a press release.
This includes the output of the company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI) - 150,000 tonnes, or 1% less than in 2011.
JSC Uzenmunaigas (UMG) produced 4.950 million tonnes of oil, or 131,000 tonnes less than the year before. JSC Embamunaigas (EMG) produced 2.816 million tonnes, the same as in 2011. In total, UMG and EMG produced 7.766 million tonnes of oil.
The company's share in production from KGM, CCEL and PKI for 2012 totaled 4.425 million tonnes of oil, about the same as in 2011 and in line with the production plans of these companies.
In 2012, KMG EP's export and domestic sales from UMG and EMG were 6.091 million tonnes and 1.646 million tonnes, respectively. The company's share in sales from KGM, CCEL and PKI was 4.41 million tonnes of oil, including 3.428 million tonnes, or 78% of total sales, supplied to export markets.
KMG EP, a subsidiary of Kazakhstan's national oil and gas company KazMunayGas, was created in March 2004 as result of the merger of two KazMunayGas subsidiaries - EmbaMunayGas and OzenMunayGas.
KMG EP is among the top three Kazakh oil and gas producers. The company's shares are listed on the Kazakhstan Stock Exchange, and its GDRs are listed on the London Stock Exchange.
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