KazMunaiGas Exploration doubles second-quarter profit

2010/08/25

KazMunaiGas Exploration Production (KMG EP), owned by Kazakhstan’s second-largest oil and gas producer KazMunaiGas, has posted more than double the profit in the second quarter of this year than it posted in the same period in 2009, Dow Jones financial news agency reported on Monday.

“With improved crude prices, the company has increased the level of investments in its core fields and aims to deliver a sustainable production level from existing assets,” said KazMunaiGas Chief Executive Kenzhebek Ibrashev in a statement reported by Dow Jones.

As a result of an increase in oil prices, revenue shot up by 22 percent.

The company posted a net profit of $328.7 million in the second quarter up from $141 million in second quarter 2009. Profits were boosted by high oil sales and the acquiring of a 33 percent stake in Canadian company PetroKazakhstan from its parent company KazMunaiGas. In July, KMG EP reported that its oil production increased by 11 percent in the first half of 2010, also on account of its partnered holding of PetroKazakhstan.

KMG EP is listed on the London and Kazakhstan stock exchanges.

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