KazMunaiGas Exploration Production

JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held an extraordinary general meeting of its shareholders (“EGM”), where the new Board was elected for a term to May 25th, 2017 inclusive. The EGM appointed Mr Gustave Louis Eugene van Meerbeke, representative from the National Company KazMunayGas (“NC KMG”) to …

KMG EP Board of Directors revised the 2016 budget and recommend dividend for 2015 JSC KazMunaiGas Exploration Production held its regular Board of Directors meeting. During this meeting, the Board approved the revised budget for 2016, recommended a dividend payment on 2015 earnings and approved the agenda items for the …

JSC KazMunaiGas Exploration Production announces its consolidated financial statements for the year ended 31 December 2015. Net profit in 2015 was 244bn Tenge (US$1,096m[1]) compared with 47bn Tenge (US$263m) in 2014. The increase in net profit in 2015 was largely due to devaluation of the Tenge in the year, write-down …

JSC KazMunaiGas Exploration Production updates on domestic pricing for 2015 and 2016. Until 2015, the Company supplied oil to the domestic market in line with the volumes outlined in  the IPO Prospectus (2006-2010: up to 1.9 million tonnes; 2011-2015: in line with volumes  outlined in the Company’s business plan, which …

JSC KazMunaiGas Exploration Production announces the results of exploration activities at the north-eastern flank of S. Nurzhanov field, Liman and Akkuduk blocks. While testing the productive Triassic reservoir of the directional well drilled in 2015 at the   north-eastern flank of S. Nurzhanov field, the well flowed at a rate …

KazMunaiGas Exploration & Production announces that Ozenmunaigas’ (“OMG”) request to temporarily have Mineral Extraction Tax (MET) relief for 2015, approved for the Uzen and Karamandybas fields in Mangystau Province, has not been approved by the Kazakh Government. In a low oil price environment, the Kazakh Government has the ability to …

JSC KazMunaiGas Exploration Production announces the approval by the Board of Directors (“the Board”) of the Company’s 2016 budget and 2016-2020 business plan which assume the average annual Brent price of US$40.1 per barrel in 2016-2017, US$50.1 per barrel in 2018-2020 and an average annual exchange rate of 300 Tenge …

KazMunaiGas Exploration & Production held an extraordinary general meeting of its shareholders on November 26, 2015, where new members were elected to the Board of Directors. The EGM appointed Mr. Igor Goncharov, the Managing Director for Operational Production Assets – Chief Engineer at National Company KazMunaiGas and Mr. Kurmangazy Iskaziyev, …

JSC KazMunaiGas Exploration Production announces its operating results for the first nine months of 2015. KMG EP produced 9,245 thousand tonnes of crude oil (251kbopd), including the Company’s stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), which is 0.3% more than in the same period of 2014. Ozenmunaigas …

JSC KazMunaiGas Exploration Production announces that the Kazakhstan tax authority has completed their desk audit of KMG EP which commenced in September 2014 for the period between 2009 and 2012. Following the audit, the tax authority has charged an additional 18.2 billion tenge, imposed a penalty of 9.7 billion tenge …