KMG EP lowered oil production by less than 1% in 2014

Date: 16:15, 27-01-2015.

Almaty. January 27. KazTAG - KazMunayGas Exploration and Production (KMG EP) taking in account the stakes in Kazgermunay, CCEL and PetroKazakhstan Inc produced 12 328 thousand tons of oil in 2014, 60 000 tons down year on year ( less than 1%), reports the press-service of the company.
In 2014, the company’s combined export sales from OMG and EMG were 5,571 thousand tonnes (110kbopd), or 69% of the total sales volume. Domestic sales amounted to 1,967 thousand tonnes (39kbopd), or 25% of total sales volume. Furthermore, 447 thousand tonnes of crude oil (9 kbopd) were shipped in September – December 2014 to Russia to fulfill obligations under the counter-oil supply agreement between the Government of Kazakhstan and the Russian Government. Sales volumes shipped to Russia are specified by the Ministry of Energy of Kazakhstan and so far the Company has not received the approved schedule for deliveries to Russia in 2015.
The Company’s share in production from CCEL, KGM, and PKI in 2014 amounted to 4,177 thousand tonnes of crude oil (85kbopd), 4% lower than in 2013, mainly due to 8% and 3% lower production at PKI and KGM, respectively, due to the natural decline of production.
The company’s share in the sales from CCEL, KGM, and PKI was 4,167 thousand tonnes of crude oil (85kbopd), including 1,944 thousand tonnes (40kbopd) supplied to export markets, or 47% of total sales volume.

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