KMG EP: Extends Ozenmunaigas’ Uzen and Karamandybas Subsoil Contracts
JSC KazMunaiGas Exploration Production (“KMG EP” or “Company”) is pleased to announce that addendum No.5 to contract No.40, dated 31 May 1996, has been signed to extend the contract for development of Uzen and Karamandybas oil fields of Mangystau Province between the Kazakh Ministry of Energy and Ozenmunaigas, where KMG …
KMG: Selling 50% of Kashagan to Samruk-Kazyna To Raise $4.7bn and Reduce Debts
Kazakh state oil company KazMunayGas (KMG) said on Wednesday it plans to sell 50 percent of its stake in the Kashagan oilfield to the sovereign wealth fund Samruk-Kazyna and use the proceeds to reduce its debt. KMG holds 16.81 percent in an international consortium which develops Kashagan in the Caspian …
ENI: Completes Kazakhstan's Isatay Block Deal
The Chairman of KazMunayGas’ (KMG) Management Board, Sauat Mynbayev, and Eni’s CEO, Claudio Descalzi, finalized today, in the presence of the President of the Republic of Kazakhstan, Nursultan Nazarbayev, and the Italian Prime Minister, Matteo Renzi, an agreement that defines the commercial terms of the transfer to Eni of 50% …
ENI: Completes Kazakhstan’s Isatay Block Deal
The Chairman of KazMunayGas’ (KMG) Management Board, Sauat Mynbayev, and Eni’s CEO, Claudio Descalzi, finalized today, in the presence of the President of the Republic of Kazakhstan, Nursultan Nazarbayev, and the Italian Prime Minister, Matteo Renzi, an agreement that defines the commercial terms of the transfer to Eni of 50% …
KDR 2015 – JSC NC KazMunayGas Confirms Platinum Event Sponsor
Transforming the Drilling Market for the Future Benefit of Kazakhstan Astana, Kazakhstan, 18th June 2015. TMG is proud to announce, in association with the Platinum Event Sponsor JSC NC KazMunayGas, the 1st KDR, Kazakh Drilling Roundtable, taking place in Astana on the 17th September 2015. With the second largest oil …
KMG EP: Profit Up Five Fold Due to Foreign Exchange Gains
KazMunaiGas Exploration Production announces its condensed consolidated interim financial statements for the six months ended 30 June 2014. · Net profit for the first six months of 2014 was 210.3bn Tenge (US$1,193m) compared to 38.8bn Tenge (US$257m) in the same period of 2013 largely due to a significant before tax foreign exchange gain as …
ENI and KMG Sign Isatay Agreement
The agreement will result in KMG and Eni each holding 50% of exploration and production rights in Isatay, an offshore exploration area located in the north Caspian Sea In the presence of the President of the Republic of Kazakhstan, Nursultan Nazarbayev, and the Italian Prime Minister, Matteo Renzi, KazMunayGas’ (KMG) Chairman …
KMG EP Reserves Update as at 31 December 2013
JSC KаzМunaiGas Exploration Production (“KМG EP” or the “Company”) announces the results of the reserves audit as at 31 December 2013 performed by the independent consultant Miller and Lents, Ltd. (“MLL”) at Ozenmunaigas JSC (“OMG”), Embamunaigas JSC (“EMG”), and Ural Oil and Gas LLP (“UOG” where KMG EP holds a …
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 …
KMG buys ConocoPhillips’ Nursultan stake
Kazakhstani state player KazMunaiGas has reportedly acquired a 24.5% stake in the Nursultan offshore oil block from ConocoPhillips, giving it a 75.5% stake in the Caspian Sea concession. The offshore Kazakh block’s estimated reserves run to around 2.13 billion barrels of oil, with commercial production at the field set to start …