energy

KazMunaiGas EP production falls 3.8 percent in 2009

By SRI ⋅ January 27, 2010 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

(SRI) - KazMunaiGas Exploration Production (KMG EP), the London-traded subsidiary of the national oil and gas company KazMunaiGas, said crude output declined 3.8 percent in 2009 to 11.5 million tons (231,000 barrels per day).

“The decline was due to KMG EP’s planned reduction in drilling and production in 2009 in a lower oil price environment,” KMG EP said in a statement. The company also blamed severe weather conditions and disrupted power supplies for the decline.

This year, KMG EP expects output to rise up to 17 percent this year to 13-13.5 million tons on the acquisition of a 33 percent stake in PetroKazakhstan.

Tags: KazMunaiGas

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