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KMG EP approves 2016 budget, 2016-2020 business plan

KMG EP approves 2016 budget, 2016-2020 business plan

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Date: 4 December 2015 13:32

Baku, Azerbaijan, Dec. 4

By Elena Kosolapova – Trend:

KazMunaiGas Exploration Production JSC ("KMG EP" or the "Company") has approved 2016 budget and 2016-2020 business plan, the press service of the company reported.

The approved budget and business plan assume the average annual Brent price of $40.1 per barrel in 2016-2017, $50.1 per barrel in 2018-2020.

Planned production in 2016 is expected to be 5.61 million tons from OzenMunaiGas JCS (OMG) and 2.82 million tons from EmbaMunaiGas JSC (EMG). The Company’s share in the planned production of Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI) in 2016 is expected to be 3.78 million tons, which is 211,000 tons or 5 percent less than expected production in 2015 due to a natural decline of production at PKI.

Capital expenditure in 2016 is planned at 282 million, 21 percent lower than the approved capital expenditure plan for 2015. Reduction is mainly due to the decrease of production drilling from 274 wells in 2015 to 171 wells in 2016.

KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million tons of crude oil, including the Company’s share in Kazgermunai, CCEL and PKI.

In 2016, the international financial institutions forecast oil prices at the level of $55-$58 per barrel.

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