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UPDATE 1-KazMunaiGas EP boosts Jan-Sept oil output by 1 pct
October 23, 2013 / 7:14 AM / 4 years ago

UPDATE 1-KazMunaiGas EP boosts Jan-Sept oil output by 1 pct

ALMATY, Oct 23 (Reuters) - KazMunaiGas Exploration Production (KMG EP), Kazakhstan’s fourth-largest oil producer, reported a one percent rise in total output in the first nine months of the year, and stuck to its 2013 plan for its two core assets.

KMG EP, the London-listed unit of Kazakhstan’s national oil and gas company KazMunaiGas, said on Monday that it had stabilised output after two years of decline and expected to return to growth.

The company, whose core assets lie in the Mangistau region in western Kazakhstan, lowered output by 7 percent to 12.3 million tonnes of oil in 2011 after months of industrial action at the Uzen oilfield, its largest production unit. That was followed by a 1 percent decline to 12.2 million tonnes in 2012.

The one percent rise in output in the first nine months to 9.2 million tonnes included a year-on-year rise of 5 percent at its core Uzenmunaigas asset to 3.9 million tonnes and a 1 percent gain at other core asset, Embamunaigas, to 2.1 million.

“The 2013 production plan at the company’s core assets is maintained at the planned level of 8.1 million tonnes (164,000 barrels per day), but the company realises that it will continue to face challenges in production at Uzen,” KMG EP said.

It said on Monday that it expected output at its core assets to rise further to 8.6 million tonnes in 2014 and to 9.06 million tonnes in 2015, while its share in the production of its joint ventures would stay stable at between 4.3 million and 4.4 million tonnes in the same period.

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