Monday, March 7, 2011

JSC КаzМunaiGas Exploration Production (KMG EP) reported 2010 annual results; Production up 16% over 2009; Plan to invest $709 million in 2011


KMG EP’s 2010 production was 270 kbopd of crude oil including the Company’s stakes in LLP Kazgermunai JV (KGM), JSC Karazhanbasmunai (CCEL) and PetroKazakhstan Inc. (PKI). The consolidated production for the year is 16% higher than for the same period of 2009 mainly due to the acquisition of a 33% stake in PKI in December 2009. In 2010 the Company produced 177kbopd of oil at Uzenmunaigas and Embamunaigas production facilities, which is 2% less than for the same period of last year.


KeyPoints:




-- KMG EP’s proved plus probable (2P) reserves excluding the stakes in JV’s were 1,707 mmboe. The reserves replacement ratio at Uzen and Emba fields in 2010 was 73%, while in 2009 this figure was 25%.


-- Plan to invest $709 millon in 2011, up 10% over 2010

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