Kazakhstan, Astana, April 10 / Trend, A.Maratov /
JSC KazMunaiGas Exploration Production (KMG EP) in the first three months of 2011 produced 3.172 million tons of crude oil (259,000 barrels per day), which is 11,000 tons or 0.3 percent less than in 2010, the company said.
"The results of the first quarter were negatively affected by a number of emergency power cuts in the fields, caused by severe weather conditions in March 2011," the company's press release says.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3mt (an average of 270kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - about 2.2 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. The International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating in July 2010 and "GAMMA-6" rating in November 2010.