KazMunayGas Allocated More Than 60 Billion Tenge for the Rehabilitation Project for the Uzen and Karamandybas Fields
The Chairman of the Board of KazMunayGas (KMG) M. Mirzagaliev held a meeting on the project for the rehabilitation of the Uzen and Karamandybas fields. Project budget for 2023-2024 amounted to 68 billion tenge (about 154 million US dollars). This was reported by the KMG press service. Participating in the meeting …
KMG EP: 2017 Q1 Results – Revenues Up 76% yoy As Oil Price Rebounds
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its consolidated interim financial results for the first three months ended 31 March 2017. Revenue for the first quarter of 2017 was up 76% year on year and amounted to 214bn Tenge (US$663m[1]). This was largely a result of a …
KMG EP: 2016 Results – Total Production Down 2%
JSC KazMunaiGas Exploration Production announces its operating results for the year 2016. Production Overall, KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 12,154 thousand tonnes of crude oil (245 kbopd) for 2016, a 2% decrease on 2015. Ozenmunaigas JSC (“OMG”) produced 5,555 thousand …
KMG EP: 2017 Budget Sees 15% CAPEX Spend Increase
SC KazMunaiGas Exploration Production (‘KMG EP’ or the ‘Company’) announces that its Board of Directors (‘the Board’) has approved the Company’s 2017 budget and 2017-2021 business plan. The budget for 2017 assumes a Brent price of US$45 per barrel and an exchange rate of 360 Tenge per US dollar. The …
KMG EP: Additional 66 Wells Drilled for Ozenmunaigas Increases 2016 CAPEX Spend by 17%
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its regular Board of Directors (“the Board”) meeting, where the Board approved a revision of the 2016 capital expenditures plan. Consequently, capital expenditures in 2016 are expected to be around 103 billion Tenge (US$286m1), which is 14.7 billion Tenge or 17% more than …
KMG EP: Q1 2016 Results – 2P Reservers Up 15%
JSC KazMunaiGas Exploration Production announces its operating results for the first quarter of 2016. KMG EP produced a total of 3,043 thousand tonnes of crude oil (247 kbopd), which includes the Company’s stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), almost at the level of the same period of 2015. Ozenmunaigas …
Ozenmunaigas: Fails to Secure MET Relief for the Uzen and Karamandybas Fields
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 …
KMG EP Approves 2016 Budget and 2016-2020 Business Plan
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: 9M & 2015 Results – Profits Nearly Halved
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces condensed consolidated interim financial statements for the nine months ended 30 September 2015. – Net profit for the first nine months of 2015 was 138bn Tenge (US$703m[1]) compared with 242bn Tenge (US$1,357m) for the same period in 2014. A decline …
KazMunaiGas Exploration Production: 9M & 2015 Results – Profits Nearly Halved
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces condensed consolidated interim financial statements for the nine months ended 30 September 2015. – Net profit for the first nine months of 2015 was 138bn Tenge (US$703m[1]) compared with 242bn Tenge (US$1,357m) for the same period in 2014. A decline …