UPDATE 1-KazMunaiGas E&P Q1 profit soars on high oil prices

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ALMATY, May 14 (Reuters) - London-listed Kazakh oil producer KazMunaiGas Exploration and Production (KMG E&P) (KMGq.L) reported a 166 percent jump in first-quarter net income on Wednesday on the back of acquisitions.

It said net income was $526.8 million in the first quarter, adding that oil output rose 26.4 percent to 2.9 million tonnes due to its purchase of 50 percent stakes in two smaller Kazakh producers Kazgermunai and CITIC Canada Energy Limited (CCEL).

"The net income increase is attributable to higher crude oil prices, inclusion of Kazgermunai results, increased financial income, including the accrual of the return on investment in CCEL," KMG E&P said in a statement.

KMG E&P said earlier it planned to produce 12.1 million tonnes of oil in 2008, a 13.7 percent increase compared to 2007.

Kazakh state oil and gas company KazMunaiGas [KMG.UL] has a controlling stake in KMG E&P. (Writing by Olzhas Auyezov)