Azerbaijan, Baku, Oct. 18 / Trend E. Kosolapova/
Kazakh National Company KazMunaiGas Exploration Production (KMG EP) decreased oil production by 1 percent to 246,000 barrels of oil per day in the first nine months of 2012 including the company's stake in Kazgermunai, CCEL and PetroKazakhstan Inc, the company reported on Thursday.
KMG EP's subsidiary Uzenmunaigas produced 3.699 million tones (99,000 barrels of oil per day), which is 90,000 tons less than in the same period of 2011. Embamunaigas produced 2.096 million tons (56,000 barrels of oil per day), which is almost the same as in the nine months of 2011.
Taking into account the results of the first nine months of the year, KMG EP expects annual production in Uzenmunaigas in 2012 to reach 4.9 million tons (99,000 barrels of oil per day). KMG EP expects Embamunaigas will achieve its initial plan of 2.8 million tons.
The company's share in the production from Kazgermunai, CCEL and PetroKazakhstan Inc. for the first nine months of 2012 amounted to 3.313 million tons of crude oil (91,000 barrels of oil per day), about the same as in the first nine months of 2011. The company's shares in production plans of Kazgermunai, CCEL and PetroKazakhstan Inc remain as 4.4 million tons (91,000 barrels of oil per day) in 2012.
In the first nine months of 2012 KMG EP's export and domestic sales from the Uzenmunaigas and Embamunaigas hit 4.637 million tons (125,000 barrels of oil per day) and 1.206 million tons (32,000 barrels of oil per day) respectively. The company's share in the sales from Kazgermunai, CCEL and PetroKazakhstan Inc amounted to 3.407 million tones of crude oil (94,000 barrels of oil per day), including 2.522 million tons (70,000 barrels of oil per day) or 74 percent of total sales supplied to the export markets.
KMG EP also informs that in line with the announced modernization program, in the beginning of October 2012 the first horizontal well in Uzen field of the Company was constructed with daily production flow rate exceeding 22 tons. The company plans to start construction of the second horizontal well by the end of 2012.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2011 was 12.3 million tons (an average of 250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PetroKazakhstan Inc. The total volume of proved and probable reserves, as at the end of 2011 was 226 million tons (1.7 billion barrels), including shares in the associates of about 2.1 billon barrels.
