Bloomberg News

KazMunaiGas EP First-Quarter Oil Output Drops 5% Due to Weather

April 16, 2012

KazMunaiGas Exploration Production (RDGZ), the London-listed unit of Kazakhstan’s state energy company, said first-quarter oil output fell 5 percent from a year earlier as adverse weather impeded operations.

Production was 3.029 million metric tons of crude, 143,000 tons less than in the first quarter of 2011, the Astana-based producer said today in a statement distributed by the Regulatory News Service.

Most of the decline was attributable to KazMunaiGas EP’s Uzenmunaigas unit in the west of the country, the company said. The initial 2012 production targets for the Uzenmunaigas and Embamunaigas divisions have been set at 5.8 million tons and 2.8 million tons respectively, it said.

“The results of the second quarter will serve as an indicator whether KazMunaiGas EP will need to adjust its 2012 production forecasts,” the company said.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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