energy
KazMunaiGas EP increases oil production by 20 percent in H1
(SRI) - In the first six months of 2008, KazMunaiGas (KMG), the Kazakh national oil company, produced 5.9 million tons of crude oil (exquivalent to an average output of 238 thousand barrels per day), a 19.4 percent increase to the first half of 2007.
The increase in production was mainly the result of KMG’s acquisitions of Kazgermunai and CCEL (Karazhanbasmunai) in April and December of 2007, respectively.
The company exported 4.4 million tons of crude oil (177 thousand bpd) in January through June 2008.
KMG EP also announced its plans to increase the wages for selected employee categories at its production sites (excluding the head office staff) in the second half of 2008. It is expected that this will increase the Company’s expenditure in the second half of 2008 by KZT4.8 billion (USD 40 million).
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