KMG EP boosts output
Jan 11. Upstream
Kazakhstan’s KazMunaiGas Exploration & Production (KMG EP) saw overall production grow by 16% over the past 12 months.
KMP EP said oil production last year averaged 270,000 barrels per day, up from about 226,000 bpd last year.
It largely attributed the rise in production to the acquisition of a 33% stake in oil producer PetroKazakhstan in December 2009.
Despite the overall rise in production, the company said output from its Uzenmunaigas and Embamunaigas production facilities averaged about 177,000 bpd last year compared to an average of 181,000 bpd in 2009.
The 2% decline was largely due to a strike by Uzenmunaigas workers from 4 March to 18 March which prevented the company from being able to perform well service operations and timely oilfield equipment repairs.
A number of emergency power cuts at the fields, caused by severe weather conditions, was also blamed for the fall in production at Uzenmunaigas and Embamunaigas.
KMG EP added its share in production volumes from associates and joint ventures for last year was about 93,000 bpd.