Kashagan Restart Slips to Optimistic Summer of 2016
Kazakhstan’s giant Kashagan oilfield may resume production in the first half of 2016 under an “optimistic scenario”, Kazakh Oil and Gas Minister Uzakbai Karabalin said on Wednesday, putting off his earlier estimate of the restart date. Production from the oil deposit in the Caspian Sea, one of the world’s biggest …
KazMunaiGas Exploration Production Comments on Share Price Movement
KazMunaiGas Exploration Production notes the recent movement in the price of the Company’s listed securities and confirms that Independent Directors of KMG EP received a highly preliminary approach from National Company KazMunaiGas NC (“NC KMG”), its majority shareholder, about a possible offer for the ordinary shares in KMG EP it …
KMG EP: Issues 1H 2014 Figures Plus Finds Solution to Radioactive Build-Up
JSC KazMunaiGas Exploration Production announces its operating results for the first half of 2014, an update on the modernization programme, details of a memorandum signed with the environmental agency, information on the start of trial production on Liman block and an update on the decision on the sale of shares …
JSC KazMunaiGas Exploration Production 1Q 2014 Financial Results
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces condensed consolidated interim financial statements for the three months ended 31 March 2014. • Revenue in the first three months of 2014 was 220.8bn Tenge (US$1,301m)[1], a 9% increase compared with the same period for 2013. The average price of Brent …
NCOC Appeals $737 mln Ecological Flaring Fine on Kashagan
A consortium developing Kazakhstan’s huge Kashagan oilfield said it had appealed a 134.2 billion tenge ($737 million) fine by a regional Kazakh authority for ecological damage at the site in the Caspian Sea reported Reuters. The fine adds to the woes of the multinational group, which has already spent about …
KMG E&P’s Ozenmunaigas Hit with Envirnomental Damage Charge
JSC KazMunaiGas Exploration Production announces that the Department of Ecology of Mangystau Region (“Department of Ecology”) has presented JSC “Ozenmunaigas” (OMG) with a claim for environmental damage for the amount of 327.9 billion Tenge in relation to the disposal of contaminated soil. This claim is made on the same basis …
KazMunaiGas Exploration Production: 2013 Financial Results, Profit Down 12%
JSC KazMunaiGas Exploration Production announces its consolidated financial results for the year ended 31 December 2013. The Company’s revenues in 2013 were 816.7bn Tenge (US$5,368m), 2% higher than in 2012. In 2013 average Brent price declined by 3% compared with 2012. Export sales volumes dropped by 1%, whereas domestic sales …
Kashagan Oil Group Awaits Test Results in Feb to Give Restart Date
A consortium developing Kazakhstan’s giant Kashagan oilfield, which was shut down in October due to pipeline leaks, said it expects by next month to have the results of steel tests and inspections needed to establish a date for output to resume. Kashagan, the world’s biggest oil find in decades and …
KMG EP: Board Meeting Results – Keen to Spend $300m USD on Exploration Activities
JSC KazMunaiGas Exploration Production held its regular Board of Directors meeting. Among the major decisions the Board approved the 2014 budget and business plan for the period of 2014-2018. Production In the first eleven months of 2013 production at Ozenmunaigas (OMG) increased by 5% compared with the corresponding period of …
RPI Reports: Kazakhstan – Upstream Market Focus
The oil and gas industry of Kazakhstan has shown an unprecedented pace of growth over the last 10 years. Thus, in 2001-2012 oil production nearly doubled (from 39.3 to 79.2 million tons), while gas production increased by nearly 3.5-fold (from 11.6 to 40.1 bcm). By 2020 the country’s oil production …