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JSC KazMunaiGas Exploration Production ups oil production by 12.4% in 2008
Almaty, January 29 2009
JSC KazMunaiGas Exploration Production (KMG EP, KazMunaiGas subsidiary) produced 11.954 million tons of crude oil (239,800 barrels per day). This is 1.315 million tons or 12.4% more than in 2007.
The increase is primarily a result of the full-year impact of the acquisitions completed in 2007, which includes the Company's stakes in both JV Kazgermunai LLP and CCEL (Karazhanbasmunai).
KMG EP's production from its core assets (Uzenmunaigas and Embamunaigas) was 9.47 million tons of crude oil (190,400 barrels per day), approximately at the level of 2007.
According to preliminary information, during 2008 KMG EP supplied 9.079 million tons of crude oil to customers, excluding the share in supply from Kazgermunai and Karazhanbasmunai. Of this amount, 7.008 million tons were exported.
"I am pleased to be reporting strong production figures for 2008, which are primarily a result of the successful acquisitions of 50% interests in Kazgermunai and CCEL in 2007. Today's announcement endorses KMG EP's acquisition-led strategy, in order to expand its resource base. In 2009 we will continue to identify appropriate value enhancing opportunities taking advantage of our significant financial resources and growth potential," KMG EP Chief Executive Officer Askar Balzhanov said.
KMG EP was established in March 2004 as result of a merger of KazMunayGas subsidiaries - EmbaMunayGas and OzenMunayGas.
The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately $2 billion in its IPO in September 2006.