energy

PetroKazakhstan oil production down in Q1 2008

By SRI ⋅ June 16, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

PetroKazakhstan produced 1.597 million tons (12.78 million barrels) of oil in the first quarter of 2008, down 53 thousand tons (424 thousand barrels) from the fist quarter of 2007, Interfax-Kazakhstan reported on July 13.

PetroKazakhstan is a vertically integrated energy group owned by the China National Petroleum Corporation - CNPC (67 percent) and KazMunaiGas (33 percent) and involved in acquisition, exploration, development and production of oil and gas as well as oil processing and sale of crude oil and refined products.

The company’s main assets are the Shymkent refinery in southern Kazakhstan, the largest refinery in the country, and full or part ownership of 11 oilfields in the Kyzylorda region. Its proven reserves are about 68.75 million tons (550 million barrels).

CNPC acquired PetroKazakhstan in 2005 for USD 4.18 billion from a Calgary, Canada based oil company of the same name and subsequently sold 33 percent to KazMunaiGas in 2007.

(Silk Road Intelligencer)

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