Results of the KMG EP Board of Directors’ meeting
KazMunaiGas Exploration Production (“KMG EP” or the “Company”) has held its regular Board of Directors (“the Board”) meeting.
KMG EP’s Board of Directors has approved the budget for 2013. This budget assumes average Brent oil price for the year of $90 per barrel, in accordance with the official forecasts of the Government of the Republic of Kazakhstan and the National Company KMG.
The planned production in 2013 is expected to be around 5.3 million tonnes (107 kbopd) and around 2.8 million tonnes (57 kbopd) from JCS UzenMunaiGas (UMG) and JCS EmbaMunaiGas (EMG) respectively. Thus, total planned production volume in 2013 from UMG and EMG is expected to be around 8.2 million tonnes (164 kbopd).
Capital expenditure for 2013 is expected to be 191 bn tenge1 (US$1,288m)2. The increase in capital expenditure is related to investment in the modernization program and exploration program.