Bloomberg News

Kazakh Oil Output May Miss 83 Million-Ton Target, Minister Says

February 03, 2012

Feb. 2 (Bloomberg) -- Kazakhstan plans to produce 83 million tons of oil this year and may miss the target because some companies are scaling back output, Oil and Gas Minister Sauat Mynbayev said at a meeting in the capital, Astana.

Crude oil and gas condensate output reached 80.1 million tons last year, less than planned by the government and an increase of 5 percent from the previous year, the ministry said in a statement distributed today to reporters. Condensate exports fell 0.5 percent to 71.1 million tons, according to the statement.

Crude output in Central Asia’s biggest energy producer was affected by December riots in an oil-rich region bordering the Caspian Sea in the west of the country that left at least 14 people dead and more than 100 injured.

Ozenmunaigaz, a unit of KazMunaiGas Exploration Production, cut output by more than 19 percent below plan because of a strike and unrest last year, Mynbayev said.

--Editors: Paul Abelsky, Zoe Schneeweiss

-0- Feb/02/2012 06:22 GMT

-0- Feb/02/2012 06:38 GMT

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net -0- Feb/02/2012 04:35 GMT


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