KazMunaiGas EP Q1 output up 26.4 percent, sees 2008 up 13.7 percent UPDATE
LONDON (Thomson Financial) - KazMunaiGas (News) Exploration&Production, Kazakhstan's second largest oil producer, said first quarter production grew by 26.4 percent to 233,500 barrels of oil per day following acquisitions.
It bought a 50 percent stake in Kazgermunai and CITIC Canada Energy Ltd last year. Excluding acquisitions, the group's output in the quarter reached 186,300 bopd, or 2.304 million tonnes in total, 15,000 tonnes higher than previous year's level.
The company said it expects output for 2008 to increase by 13.7 percent to 242,500 bopd, including 191,000 bopd from its core assets and 51,400 bopd contribution from Kazgermunai and CITIC Canada.
In the first quarter, it supplied 174,300 bopd to customers, of which 132,800 bopd were sold to export markets.
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