KazMunaiGas Posts 1Q Production

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KazMunaiGas announced that according to preliminary data in the first three months of 2010 it produced 3,183 thousand tons of crude oil (262 kbopd) including the Company's stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan (PKI), which is 440 thousand tonnes or 16% more than in 2009. The increase in production results from the acquisition of 33% stake in PKI, which accounts for 487 thousand tons.

In the first quarter, 2,085 thousand tons of oil (171 kbopd) were produced at production facilities of Uzenmunaigas and Embamunaigas, which is 41 thousand tonnes or 1.9% less than for the same period last year. The decline in production was mainly caused by the failure to perform well service operations and oilfield equipment repair on time amid a strike by Uzenmunaigas workers over the period from March 4 through March 18 when some of the workers refused to get back to work.

According to preliminary data, in the first three months of 2010 the Company sold 2,077 (170 kbopd) thousand tons of crude oil (excluding the share in sales of KGM, CCEL and PKI), of which 1,717 thousand tons (140 kbopd) were exported.

In the first 3 months of 2010 KMG EP's the stake in production of KGM (50%), CCEL (50%) and PKI (33%) amounted to 1,098 thousand tons.


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