KazMunaiGas Production Rose 11.64% in 2007
JSC KazMunaiGas Exploration Production announced that in the full year of 2007 the company produced 10,639 thousand tonnes of crude oil, an average of 216.91 kbopd. This is 1,118 thousand tonnes or 11.64% more than in 2006.
The increase is primarily due to the acquisitions of a 50% stake in JV Kazgermunai LLP completed on April 24, 2007. For the 251 days between the acquisition date and Dec. 31, 2007, the company's share in Kazgermunai crude oil production was 1,062 thousand tonnes (32.23kbopd). Additionally, the company acquired a 50% stake in CITIC Canada Energy Limited from CITIC Group completed on Dec. 12, 2007. For the 20 days between the acquisition date and Dec. 31, 2007, the company's share in CCEL crude oil production was 48 thousand tonnes (15.88kbopd).
Excluding the Company's share in the assets acquired last year, KMG EP's production in 2007 was 9,530 thousand tonnes of crude oil (192.17kbopd), approximately the same level as in 2006.
The CEO of the Company said: "The significant growth achieved in 2007 demonstrates the success of our acquisition-led strategy, and also our ability to use technical expertise to maintain the production levels of our core portfolio," Askar Balzhanov, company CEO, said. "We believe that our results will continue to improve in 2008 as we will see the full-year impact of the recently acquired assets."
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