KazMunaiGas EP profit up in Q1 on high oil price

May 15. Reuters. ALMATY

* Kazakh oil firm Q1 net profit rises 27 pct yr/yr
* Q1 net profit 75 bln tenge ($508 mln)
* High oil price supports revenues, production down

KazMunaiGas EP profit up in Q1 on high oil priceKazakh oil producer KazMunaiGas Exploration Production said on Tuesday net profit rose 27 percent year-on-year in the first quarter of 2012 due mainly to higher oil prices.

KMG EP, the London-listed unit of Kazakh state oil and gas company KazMunaiGas, said net profit in the first three months of the year totalled 75 billion tenge, or $508 million. Earnings per global depositary receipt rose by 32 percent to $1.2.

The company said its revenues grew by 8 percent to 207 billion tenge ($1.4 billion) due to a 14 percent increase in the average realised price of its oil, which was offset by reduced export volumes.

The average price of a barrel of Brent crude in the first three months of the year was $119, or 12 percent more than a year earlier, the company said.

KazMunaiGas EP produced 3.03 million tonnes of crude oil, or 249,000 barrels per day, in the first three months of 2012. This was 5 percent less than in the same period of last year, due to bad weather at oilfields in western Kazakhstan.

Kazakhstan holds about 3 percent of the world’s recoverable oil reserves and is the largest former Soviet oil producer after Russia. Foreign companies control a significant proportion of the 80 million tonnes of oil produced in Kazakhstan last year.