Kazmunaigaz Production Up 19% on Year

JSC "KazMunaiGas Exploration Production" has announced that its total crude oil production in the first half of 2008 was 5,899 thousand tonnes (238 kbopd). This is an increase by 960 thousand tonnes (19.4%) compared to the figures for the same period last year. The main reason for this increase is the acquisition of 50% shares in Kazgermunai and CCEL (Karazhanbasmunai) in April and December of 2007, respectively.

According to preliminary estimates, in the first half of 2008 the Company supplied 5,731 thousand tonnes of crude oil (231kbopd) including its share in Kazgermunai and CCEL. Exports in the first half of 2008 amounted to 4,389 thousand tonnes (177kbopd).

JSC "KMG EP" has also announced its plans to increase the wages of selected employee categories at the production sites (excluding the head office staff) in the second half of 2008. It is expected that this will increase the Company’s expenditure for such purposes in the second half of 2008 by 4.8 bln Tenge including the Income Tax and Pensions Fund deductions. The average monthly wage increase of over 20% is aimed at compensating the Company field employees taking into account inflation in the past few years, and will help the Company to retain experienced staff.


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Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
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